Art. 273
Capital Requirements Regulation · 32013R0575 · every event for this act · on EUR-Lex
Methods for calculating the exposure value
7 changes recorded across 7 events, newest first.
in force 2025-01-01 MODIFIED+123 −18§
Amended by Regulation (EU) 2024/1623 32024R1623 · Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2024/2795 32024R2795
applies from: unchanged
Paragraph 1 now extends the exposure value calculation to credit derivatives in addition to the contracts listed in Annex II, while excluding the credit derivatives referred to in paragraphs 3 and 5 of the same Article.
Paragraph 3, point (b) removes the reference to Article 153(3) and now refers only to Article 183 in connection with the permission granted under Article 143.
Cited: Art. 273, v2 · Art. 273, v1
text before / after
02013R0575-20240709 → 02013R0575-20250101
Article 273
Methods for calculating the exposure value
1. Institutions shall calculate the exposure value for the contracts listed in Annex II and for credit derivatives, with the exception of the credit derivatives referred to in paragraphs 3 and 5 of this Article, on the basis of one of the methods set out in Sections 3 to 6 in accordance with this Article.
An institution which does not meet the conditions set out in Article 273a(1) shall not use the method set out in Section 4. An institution which does not meet the conditions set out in Article 273a(2) shall not use the method set out in Section 5.
Institutions may use in combination the methods set out in Sections 3 to 6 on a permanent basis within a group. A single institution shall not use in combination the methods set out in Sections 3 to 6 on a permanent basis.
2. Where permitted by the competent authorities in accordance with Article 283(1) and (2), an institution may determine the exposure value for the following items using the Internal Model Method set out in Section 6:
(a) the contracts listed in Annex II;
(b) repurchase transactions;
(c) securities or commodities lending or borrowing transactions;
(d) margin lending transactions;
(e) long settlement transactions.
3. When an institution purchases protection through a credit derivative against a non-trading book exposure or against a counterparty risk exposure, it may calculate its own funds requirement for the hedged exposure in accordance with either of the following:
(a) Articles 233 to 236;
(b) in accordance with Article 153(3), or Article 183, where permission has been granted in accordance with Article 143.
The exposure value for CCR for those credit derivatives shall be zero, unless an institution applies the approach in point (h)(ii) of Article 299(2).
4. Notwithstanding paragraph 3, an institution … 487 unchanged words … irrespective of the materiality of those positions.
9. For the methods set out in Sections 3 to 6 of this Chapter, institutions shall treat transactions where Specific Wrong-Way risk has been identified in accordance with Article 291(2), (4), (5), and (6).
in force 2024-07-09 MODIFIED§
Amended by Regulation (EU) 2024/1623 32024R1623
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
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in force 2023-06-28 MODIFIED§
Amended by Regulation (EU) 2019/876 32019R0876
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
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in force 2021-06-28 MODIFIED§
Amended by Regulation (EU) 2019/2033 32019R2033 · Regulation (EU) 2019/876 32019R0876 · Regulation (EU) 2021/558 32021R0558 · Regulation (EU) 2020/873 32020R0873
applies from: unchanged
Paragraph 1 now conditions use of Section 4 and Section 5 methods on meeting the criteria in Article 273a(1) and (2) respectively, replacing the prior reference to eligibility under Article 94 and to the exclusion for contracts in point 3 of Annex II, and drops the prior exception allowing combined use of Sections 3 and 5 for cases under Article 282(6).
Paragraph 6 adds a new subparagraph allowing exposure value calculation under the relevant Section where one margin agreement covers multiple netting sets with a counterparty, and otherwise renames CVA to credit valuation adjustments and updates the cross-reference to Article 33(1)(c).
A new paragraph 7 is inserted permitting perfectly matching OTC derivative contracts within the same netting agreement to be treated as a single zero-notional contract and defining what makes contracts perfectly matching, causing the former paragraphs 7 and 8 to become paragraphs 8 and 9 with added references to "of this Chapter" and a renaming of wrong way risk to Specific Wrong-Way risk.
Cited: Art. 273, v1 · Art. 273, v2
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in force 2020-12-28 MODIFIED§
Amended by Regulation (EU) 2019/876 32019R0876
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
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in force 2019-06-27 MODIFIED§
Amended by Regulation (EU) 2019/876 32019R0876
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
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detected 2026-08-13 MODIFIED§
no amending act named
applies from: unchanged
In paragraph 3, the reference to the approach was reworded from "approach (ii) in point (h)" to "approach in point (h)(ii)" of Article 299(2), with no other change to the substance of that sentence.
Cited: Art. 273, v1 · Art. 273, v2
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