in force 2025-01-01 MODIFIED+189 −544§
Amended by Regulation (EU) 2024/1623 32024R1623 · Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2024/2795 32024R2795
applies from: unchanged
The cross-reference in paragraph 3 for the derogation was changed from point (d) of Article 92(3) to point (e) of Article 92(4), and the reference to the Chapter 6 sections was reworded without changing the sections listed.
Paragraph 4's introductory wording now applies to institutions that do not use the relevant methods for all or parts of the underlying exposures, removing the earlier reference to permanent partial use under Article 150 and to not meeting conditions for the Chapter 5 methods, and it now directs the calculation to cover all or those parts of the underlying exposures.
Point (a) of paragraph 4 no longer refers to the simple risk-weight approach under Article 155(2) for equity exposures, instead directing application of the Standardised Approach in Chapter 2 to underlying exposures that would be assigned to the exposure class in Article 147(2)(e), and the former guidance on private equity, exchange-traded and other equity exposures has been removed; points (b) and (c) retain the same substantive treatment with only renumbered internal references.
Cited: Art. 152, v2 · Art. 152, v1
text before / after
02013R0575-20240709 → 02013R0575-20250101
Article 152
Treatment of exposures in the form of units or shares in CIUs
1. Institutions shall calculate the risk-weighted exposure amounts for their exposures in the form of units or shares in a CIU by multiplying the risk-weighted exposure amount of the CIU, calculated in accordance with the approaches set out in paragraphs 2 and 5, with the percentage of units or shares held by those institutions.
2. Where the conditions set out in Article 132(3) are met, institutions that have sufficient information about the individual underlying exposures of a CIU shall look through to those underlying exposures to calculate the risk-weighted exposure amount of the CIU, risk weighting all underlying exposures of the CIU as if they were directly held by the institutions.
3. By way of derogation from Article 92(4), point (d) of Article 92(3), (e), institutions that calculate the risk-weighted exposure amount of the CIU in accordance with paragraph 1 or 2 of this Article may calculate the own funds requirement for credit valuation adjustment risk of derivative exposures of that CIU as an amount equal to 50 % of the own funds requirement for those derivative exposures calculated in accordance with Chapter 6, Section 3, 4 or 5 of Chapter 6 5, of this Title, as applicable.
By way of derogation from the first subparagraph, an institution may exclude from the calculation of the own funds requirement for credit valuation adjustment risk derivative exposures which would not be subject to that requirement if they were incurred directly by the institution.
4. Institutions that apply the look-through approach in accordance with paragraphs 2 and 3 of this Article and that meet the conditions for permanent partial use in accordance with Article 150, or that do not meet the conditions for using use the methods set out in this Chapter or one or more of the methods set out in Chapter 5 5, as applicable, for all or parts of the underlying exposures of the CIU, CIU shall calculate risk-weighted exposure amounts and expected loss amounts for all or those parts of the underlying exposures in accordance with the following principles:
(a) for underlying exposures that would be assigned to the equity exposure class referred to in point (e) of Article 147(2), point (e), institutions shall apply the simple risk-weight approach set out Standardised Approach laid down in Article 155(2); Chapter 2;
(b) for exposures assigned to the items representing securitisation positions referred to in point (f) of Article 147(2), point (f), institutions shall apply the treatment set out in Article 254 as if those exposures were directly held by those institutions;
(c) for all other underlying exposures, institutions shall apply the Standardised Approach laid down in Chapter 2 of this Title.
For the purposes of point (a) of the first subparagraph, where the institution is unable to differentiate between private equity exposures, exchange-traded exposures and other equity exposures, it shall treat the exposures concerned as other equity exposures. 2.
5. Where the conditions set out in Article 132(3) are met, institutions that do not have sufficient information about the individual underlying exposures of a CIU may calculate the risk-weighted exposure amount for those exposures in accordance with the mandate-based … 374 unchanged words … upon request.
9. For the purposes of this Article, Article 132(5) and (6) and Article 132b shall apply. For the purposes of this Article, Article 132c shall apply, using the risk weights calculated in accordance with Chapter 3 of this Title.