Art. 495o · Transitional provisions on own funds requirements for positions in CIUs under the alternative standardised approach

Version in force 1 January 2027, Inserted +1,039 −0§

Amended by Regulation (EU) 2026/1221 32026R1221 on EUR-Lex (external, EUR-Lex)

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A new Article 495o has been added, permitting institutions, as a derogation from Article 325j(1), point (a), and until 31 December 2029, to look through at least 50% of the underlying positions in certain CIUs measured by market value and to look through the remaining underlying positions on a quarterly rather than monthly basis.

It also states that, as a derogation from Article 325j(1a) and (3) and until 31 December 2029, institutions may treat positions in CIUs as single equity positions with a 100% risk weight for calculating own funds requirements for vega risk, irrespective of the approaches used for other risk factors on the same positions.

Cited: Art. 495o, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Article 495o
Transitional provisions on own funds requirements for positions in CIUs under the alternative standardised approach
1. By way of derogation from Article 325j(1), point (a), and until 31 December 2029, institutions may look through:
(a) at least 50 % of the underlying positions in those CIUs, measured by market value;
(b) the underlying positions of the CIU on a quarterly basis rather than on a monthly basis.
For the purposes of the first subparagraph, point (a), institutions shall calculate the own funds requirement for market risk for all remaining positions in those CIUs using the approach laid down in Article 325j(1), point (b)(i).
2. By way of derogation from Article 325j(1a) and (3), and until 31 December 2029, institutions may consider positions in CIUs as single equity positions with a risk weight of 100 % for the calculation of their own funds requirements for vega risk, regardless of other approaches used for the calculation of their own funds requirements for other risk factors for the same positions.