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Provision history · CRR

Art. 277a · Hedging sets

Capital Requirements Regulation · 32013R0575 · every version of this act · on EUR-Lex

2 changes recorded across 2 versions, newest first.

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Version in force Modified +236 −0

Amended by Regulation (EU) 2024/1623 32024R1623 on EUR-Lex · Regulation (EU) 2024/2987 32024R2987 on EUR-Lex · Regulation (EU) 2024/2795 32024R2795 on EUR-Lex

Applies from: no date changed

Explanation, written by a model and checked against the cited text

The after text adds a new subparagraph to paragraph 2, stating that for the purposes of point (a) of the first subparagraph of that paragraph, institutions shall assign transactions to a separate hedging set of the relevant risk category following the same hedging set construction set out in paragraph 1.

This sentence did not appear in the earlier version of Article 277a(2), which ended after the rule on positively correlated risk drivers in point (b).

Cited: Art. 277a, v2 · Art. 277a, v1

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 9 July 2024 02013R0575-20240709 → this version, in force 1 January 2025 02013R0575-20250101

Article 277a Hedging sets 1. Institutions shall establish the relevant hedging sets for each risk category of a netting set and assign each transaction to those hedging sets as follows: (a) transactions mapped to the interest rate risk category shall be assigned to … 576 unchanged words … to in point (b) of the first subparagraph to one of the hedging sets established in accordance with paragraph 1, on the basis of only one of the two risk drivers referred to in point (b) of the first subparagraph. For the purposes of the first subparagraph, point (a), of this paragraph, institutions shall assign transactions to a separate hedging set of the relevant risk category following the same hedging set construction set out in paragraph 1. 3. Institutions shall make available upon request by the competent authorities the number of hedging sets established in accordance with paragraph 2 of this Article for each risk category, with the primary risk driver, or the most material risk driver in the given risk category for transactions referred to in Article 277(3), or the pair of risk drivers of each of those hedging sets and with the number of transactions in each of those hedging sets.

Version in force Inserted

Amended by Regulation (EU) 2019/2033 32019R2033 on EUR-Lex · Regulation (EU) 2019/876 32019R0876 on EUR-Lex · Regulation (EU) 2021/558 32021R0558 on EUR-Lex · Regulation (EU) 2020/873 32020R0873 on EUR-Lex

Applies from: not readable (an inserted provision states its own application date only in prose) why

Not in every listWhat this means

Found in the text, but not every source lists it — the text comparison found this change; the EU's own amendment metadata does not list it. The source that does not name it is the EU's own amendment metadata. Both are shown; neither is overruled.

Explanation, written by a model and checked against the cited text

This is a newly inserted Article 277a, which sets out rules for institutions to establish hedging sets for each risk category of a netting set and to assign transactions to them based on criteria such as currency, currency pair, risk category, or identical primary risk driver.

It also requires separate individual hedging sets for transactions whose primary risk driver is volatility, realised volatility, correlation between risk drivers, or a difference between two risk drivers, with further rules on assigning such transactions and on making information about these hedging sets available to competent authorities upon request.

Cited: Art. 277a, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, on this version's page