On November 7, 2014, the Delegated Regulation supplementing the Capital Requirements Directive IV (“CRD IV”) package with regard to regulatory technical standards (“RTS”) for determining the overall exposure to a client or a group of connected clients in respect of transactions with underlying assets was published in the Official Journal of the European Union. The Delegated Regulation deals with the identification of exposures resulting from transactions, underlying exposures to transactions which themselves have underlying assets, calculation of exposure value, procedure for determining the contribution of underlying exposures to overall exposures, and additional exposure constituted by the structure of a transaction. The Delegated Regulation applies to credit institutions and certain investment firms, and enters into force on November 27, 2014.

The Delegated Regulation is available at: