+Article 3 Specification of instruments without presumption of bearing residual risks
---+Article 3 (a)
---+Article 3 (b)
---+Article 3 (c)
---+Article 3 (d)
---+Article 3 (e)

Article 3 Specification of instruments without presumption of bearing residual risks

An instrument shall not be considered as meeting the conditions set out in Article 325u(2), points (b)(i) and (ii) of Regulation (EU) No 575/2013 solely on the grounds that it bears one or more of the following risks:

1. Overview

Summary	Regulation
Article 3 (a)	risk arising from transactions where the delivery obligation can be fulfilled within a range of deliverable instruments and where the counterparty has the possibility to deliver the least valuable of those instruments;
Article 3 (b)	risk of a change in the implied volatility of an instrument with optionality, relative to the implied volatility of other instruments with optionality with the same underlying and maturity, but different moneyness;
Article 3 (c)	correlation risk arising from an index option, where the index meets the conditions set out in Article 325i(3) of Regulation (EU) No 575/2013;
Article 3 (d)	correlation risk arising from an option in a collective investment undertaking tracking an index benchmark, where the tracking meets the conditions set out in Article 325j(2) of Regulation (EU) No 575/2013 and the index meets the conditions set out in Article 325i(3) of that Regulation;
Article 3 (e)	dividend risk arising from a derivative instrument whose underlying does not consist solely of dividend payments.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements
Source	Requirement

3. Related Standards

Standards
Source	Requirement

Builddate: 29.11.2022 00:00:00 -Doknr: CELEX:32022R2328
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