The Committee of European Banking Supervisors (CEBS) has published the first part of its response to the European Commission's Call for Advice on the review of the large exposures rules. The first part of the advice sets out CEBS’ views on a number of concepts regarding the large exposures regime. The structure of the response is set out as follows. In Chapter 1 CEBS sets out its understanding of the objectives and purposes of a large exposures regime. Chapter 2 includes a discussion of the different policy options available. Chapter 3 and Annex II provide an overview of the approach to large exposures in a number of non-EU jurisdictions. Chapter 4 considers the adequacy of the current large exposures limits. Chapter 5 sets out CEBS’ current thinking on the calculation of exposure values. Chapter 6 puts forward CEBS’ initial thinking on the main issues to be considered in the second part of CEBS’ advice to the Commission.