LegalizeCommission Implementing Regulation (EU) 2025/2159 of 27 October 2025 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/2284 as regards supervisory reporting and disclosures of investment firms
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
5. C 21.00 – MARKET RISK: STANDARDISED APPROACH FOR POSITION RISK IN EQUITIES (MKR SA EQU)
5.1. General Remarks
| 19. | This template requests information on the positions and the corresponding own funds requirements for position risk in equities held in the trading book and treated under the Standardised Approach. | |
| --- | --- | --- |
| 20. | This template shall be filled out separately for the “Total”, plus a static, pre-defined list of the following markets: Bulgaria, Czech Republic, Denmark, Egypt, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden, United Kingdom, Albania, Japan, Former Yugoslav Republic of Macedonia, Russian Federation, Serbia, Switzerland, Turkey, Ukraine, USA, Euro Area plus one residual template for all other markets. For this reporting requirement, the term “market” shall be read as “country” (except for countries belonging to the Euro Area, see Commission Delegated Regulation (EU) No 525/2014 [^ntr1-L_202502159EN.001702-E0001]). |
5.2. Instructions concerning specific positions
| Columns | Columns |
| 0010-0020 | ALL POSITIONS (LONG AND SHORT) Article 102 and Article 105(1) of Regulation (EU) No 575/2013. Those are gross positions not netted by instruments but excluding underwriting positions subscribed or sub-underwritten by third parties as referred to in Article 345(1), first subparagraph, second sentence of that Regulation. |
| 0030-0040 | NET POSITIONS (LONG AND SHORT) Articles 327, 329, 332, 341 and 345 of Regulation (EU) No 575/2013. |
| 0050 | POSITIONS SUBJECT TO CAPITAL CHARGE Those net positions that, in accordance with the different approaches considered in Part Three, Title IV, Chapter 2, of Regulation (EU) No 575/2013 receive a capital charge. The capital charge shall be calculated for each national market separately. Positions in stock-index futures as referred to in 344(4), second sentence, of Regulation (EU) No 575/2013 shall not be included in this column. |
| 0060 | OWN FUNDS REQUIREMENTS The own funds requirement in accordance with Part Three, Title IV, Chapter 2, of Regulation (EU) No 575/2013 for any relevant position |
| 0070 | TOTAL RISK EXPOSURE AMOUNT Article 92(6), point (b), of Regulation (EU) No 575/2013. Result of the multiplication of the own funds requirements by 12,5. |
| --- | --- |
| Rows | Rows |
| 0010-0130 | EQUITIES IN TRADING BOOK Own funds requirements for position risk as referred to in Article 92(3), point (b)(i), of Regulation (EU) No 575/2013, and Part Three, Title IV, Chapter 2, Section 3, of that Regulation |
| 0020-0040 | GENERAL RISK Positions in equities subject to general risk (Article 343 of Regulation (EU) No 575/2013) and their corresponding own funds requirement in accordance with Part Three, Title IV, Chapter 2, Section 3, of that Regulation Both breakdowns (rows 0021/0022 as well as rows 0030/0040) are a breakdown related to all positions subject to general risk. Rows 0021 and 0022 request information on the breakdown by instruments. Only the breakdown in rows 0030 and 0040 shall be used as a basis for the calculation of own funds requirements. |
| 0021 | Derivatives Derivatives included in the calculation of equity risk of trading book positions taking into account Articles 329 and 332 of Regulation (EU) No 575/2013, where applicable |
| 0022 | Other assets and liabilities Instruments other than derivatives included in the calculation of equity risk of trading book positions. |
| 0030 | Exchange traded stock-index futures broadly diversified and subject to a particular approach Exchange traded stock-index futures broadly diversified and subject to a particular approach in accordance with Commission Implementing Regulation (EU) No 945/2014[^ntr2-L_202502159EN.001702-E0002] Those positions shall be only subject to general risk and, accordingly, shall not be reported in row 0050. |
| 0040 | Other equities than exchange traded stock-index futures broadly diversified Other positions in equities subject to specific risk and the corresponding own funds requirements in accordance with Article 343 of Regulation (EU) No 575/2013, including positions in stock index futures treated in accordance with Article 344(3) of that Regulation |
| 0050 | SPECIFIC RISK Positions in equities subject to specific risk and the corresponding own funds requirement in accordance with Article 342 of Regulation (EU) No 575/2013, excluding positions in stock-index futures treated in accordance with Article 344(4), second sentence, of that Regulation |
| 0090-0130 | ADDITIONAL REQUIREMENTS FOR OPTIONS (NON-DELTA RISKS) Article 329(2) and (3) of Regulation (EU) No 575/2013 The additional requirements for options related to non-delta risks shall be reported in the method used for its calculation. |
6. C 22.00 – MARKET RISK: STANDARDISED APPROACHES FOR FOREIGN EXCHANGE RISK (MKR SA FX)
6.1. General Remarks
| 21. | Investment firms shall report information on the positions in each currency (reporting currency included) and the corresponding own funds requirements for foreign exchange risk treated under the Standardised Approach. The position shall be calculated for each currency (including EUR), gold, and positions to CIUs. | |
| --- | --- | --- |
| 22. | Rows 0100 to 0470 of this template shall be reported, where the investment firms have the permission to perform activities 3 or 6 of Annex I, Section A, to Directive 2014/65/EU of the European Parliament and of the Council [^ntr3-L_202502159EN.001702-E0003], even where those investment firms are not required to calculate own funds requirements for foreign exchange risk in accordance with Article 351 of Regulation (EU) No 575/2013. In those memorandum items, all the positions in the reporting currency are included in rows 0100 to 0470, irrespective of whether they are considered for the purposes of Article 354 of Regulation (EU) No 575/2013. Rows 0130 to 0470 of the memorandum items of the template shall be filled out separately for all currencies of the Member States of the Union, the currencies GBP, USD, CHF, JPY, RUB, TRY, AUD, CAD, RSD, ALL, UAH, MKD, EGP, ARS, BRL, MXN, HKD, ICK, TWD, NZD, NOK, SGD, KRW, CNY and all other currencies. |
6.2. Instructions concerning specific positions
| Columns | Columns |
| 0020-0030 | ALL POSITIONS (LONG AND SHORT) Gross positions due to assets, amounts to be received and similar items referred to in Article 352(1) of Regulation (EU) No 575/2013 In accordance with Article 352(2) of Regulation (EU) No 575/2013 and subject to permission from competent authorities, positions taken to hedge against the adverse effect of the exchange rate on their ratios in accordance with Article 92(1) of that Regulation and positions related to items that are already deducted in the calculation of own funds shall not be reported. |
| 0040-0050 | NET POSITIONS (LONG AND SHORT) Article 352(3), Article 352(4), first two sentences, and Article 353 of Regulation (EU) No 575/2013 The net positions are calculated by each currency in accordance with Article 352(1) of that Regulation. Consequently, both long and short positions may be reported at the same time. |
| 0060-0080 | POSITIONS SUBJECT TO CAPITAL CHARGE Article 352(4), third sentence, and Articles 353 and 354 of Regulation (EU) No 575/2013 |
| 0060-0070 | POSITIONS SUBJECT TO CAPITAL CHARGE (LONG AND SHORT) The long and short net positions for each currency shall be calculated by deducting the total of short positions from the total of long positions. Long net positions for each operation in a currency shall be added to obtain the long net position in that currency. Short net positions for each operation in a currency shall be added to obtain the short net position in that currency. Unmatched positions in non-reporting currencies shall be added to positions subject to capital charges for other currencies (row 030) in column 060 or 070, depending on their short or long arrangement. |
| 0080 | POSITIONS SUBJECT TO CAPITAL CHARGE (MATCHED) Matched positions for closely correlated currencies. |
| 0090 | OWN FUNDS REQUIREMENTS The capital charge for any relevant position in accordance with Part Three, Title IV, Chapter 3, of Regulation (EU) No 575/2013 |
| 0100 | TOTAL RISK EXPOSURE AMOUNT Article 92(6), point (b), of Regulation (EU) No 575/2013. Result of the multiplication of the own funds requirements by 12,5. |
| --- | --- |
| Rows | Rows |
| 0010 | TOTAL POSITIONS All positions in non-reporting currencies and those positions in the reporting currency that are considered for the purposes of Article 354 of Regulation (EU) No 575/2013 and their corresponding own funds requirements for the foreign-exchange risk referred to in Article 92(3), point (c)(i), of that Regulation, taking into account Article 352(2) and (4) of Regulation (EU) No 575/2013 (for conversion into the reporting currency). |
| 0020 | CURRENCIES CLOSELY CORRELATED Positions and their corresponding own funds requirements for closely correlated currencies as referred to in Article 354 of Regulation (EU) No 575/2013. |
| 0025 | Currencies closely correlated: of which: reporting currency Positions in the reporting currency which contribute to the calculation of the capital requirements in accordance with Article 354 of Regulation (EU) No 575/2013. |
| 0030 | ALL OTHER CURRENCIES (including CIUs treated as different currencies) Positions and their corresponding own funds requirements for currencies subject to the general procedure referred to in Article 351 and Article 352(2) and (4) of Regulation (EU) No 575/2013. Reporting of CIUs treated as separate currencies in accordance with Article 353 of Regulation (EU) No 575/2013: There are two different treatments of CIUs treated as separate currencies for calculating the capital requirements: (a) the modified gold method, where the direction of the CIUs investment is not available (those CIUs shall be added to an institution’s overall net foreign-exchange position); (b) where the direction of the CIUs investment is available, those CIUs shall be added to the total open foreign exchange position (long or short, depending on the direction of the CIU). The reporting of those CIUs shall follow the calculation of the capital requirements. |
| 0040 | GOLD Positions and their corresponding own funds requirements for currencies subject to the general procedure referred to in Article 351 and Article 352(2) and (4) of Regulation (EU) No 575/2013 |
| 0050 - 0090 | ADDITIONAL REQUIREMENTS FOR OPTIONS (NON-DELTA RISKS) Article 352(5) and (6) of Regulation (EU) No 575/2013 The additional requirements for options related to non-delta risks shall be reported broken down by the method used for their calculation. |
| 0100-0120 | Breakdown of total positions (reporting currency included) by exposure types Total positions shall be broken down into derivatives, other assets and liabilities, and off-balance sheet items. |
| 0100 | Other assets and liabilities other than off-balance sheet items and derivatives Positions not included in row 0110 or 0120 shall be included here. |
| 0110 | Off-balance sheet items Items within the scope of Article 352 of Regulation (EU) No 575/2013, irrespective of the currency of denomination, which are included in Annex I to that Regulation, except those included as Securities Financing Transactions & Long Settlement Transactions or from Contractual Cross Product Netting. |
| 0120 | Derivatives Positions valued in accordance with Article 352 of Regulation (EU) No 575/2013. |
| 0130-0470 | MEMORANDUM ITEMS: CURRENCY POSITIONS The memorandum items of the template shall be filled in separately for all currencies of the member states of the Union, GBP, USD, CHF, JPY, RUB, TRY, AUD, CAD, RSD, ALL, UAH, MKD, EGP, ARS, BRL, MXN, HKD, ICK, TWD, NZD, NOK, SGD, KRW, CNY and all other currencies. Positions in gold and positions in CIUs treated as a separate currency in accordance with Article 353(3) of Regulation (EU) No 575/2013 shall be included in row 0470. |
7. C 23.00 – MARKET RISK: STANDARDISED APPROACHES FOR COMMODITIES (MKR SA COM)
7.1. General Remarks
| 23. | This template request information on the positions in commodities and the corresponding own funds requirements treated under the Standardised Approach. |
7.2. Instructions concerning specific positions
| Columns | Columns |
| 0010-0020 | All POSITIONS (LONG AND SHORT) Gross long/short positions considered positions in the same commodity in accordance with Article 357(4) of Regulation (EU) No 575/2013 (see also Article 359(1) of that Regulation) |
| 0030-0040 | NET POSITIONS (LONG AND SHORT) As referred to in Article 357(3) of Regulation (EU) No 575/2013 |
| 0050 | POSITIONS SUBJECT TO CAPITAL CHARGE Those net positions that, in accordance with the different approaches considered in Part Three, Title IV, Chapter 4, of Regulation (EU) No 575/2013 receive a capital charge. |
| 0060 | OWN FUNDS REQUIREMENTS The own funds requirement calculated in accordance with Part Three, Title IV, Chapter 4, of Regulation (EU) No 575/2013 for any relevant position |
| 0070 | TOTAL RISK EXPOSURE AMOUNT Article 92(6), point (b), of Regulation (EU) No 575/2013. Result of the multiplication of the own funds requirements by 12,5 |
| --- | --- |
| Rows | Rows |
| 0010 | TOTAL POSITIONS IN COMMODITIES Positions in commodities and their corresponding own funds requirements for market risk calculated in accordance with Article 92(4), point (c), of Regulation (EU) No 575/2013 and Part Three, Title IV, Chapter 4, of that Regulation |
| 0020-0060 | POSITIONS BY CATEGORY OF COMMODITY For reporting purposes, commodities shall be grouped in the four groups of commodities referred to in Article 361, Table 2, of Regulation (EU) No 575/2013. |
| 0070 | MATURITY LADDER APPROACH Positions in commodities subject to the maturity ladder approach referred to in Article 359 of Regulation (EU) No 575/2013 |
| 0080 | EXTENDED MATURITY LADDER APPROACH Positions in commodities subject to the extended maturity ladder approach referred to in Article 361 of Regulation (EU) No 575/2013 |
| 0090 | SIMPLIFIED APPROACH Positions in commodities subject to the simplified approach referred to in Article 360 of Regulation (EU) No 575/2013 |
| 0100-0140 | ADDITIONAL REQUIREMENTS FOR OPTIONS (NON-DELTA RISKS) Article 358(4) of Regulation (EU) No 575/2013 The additional requirements for options related to non-delta risks shall be reported in the method used for its calculation. |
8. C 24.00 – MARKET RISK INTERNAL MODEL (MKR IM)
8.1. General Remarks
| 24. | This template provides a breakdown of VaR and stressed VaR (sVaR) figures by the different market risks (debt, equity, FX, commodities) and other information relevant for the calculation of the own funds requirements. | |
| --- | --- | --- |
| 25. | Generally, it depends on the structure of the model of the investment firms whether the figures for general and specific risk may be determined and reported separately or only as a total. The same holds true for the decomposition of the VaR /Stress-VaR into the risk categories (interest rate risk, equity risk, commodities risk and foreign exchange risk). An institution may refrain from reporting those decompositions if that institution proves that reporting those figures would be unduly burdensome. |
8.2. Instructions concerning specific positions
| Columns | Columns |
| 0030-0040 | Value at Risk (VaR) VaR means the maximum potential loss that would result from a price change with a given probability over a specific time horizon. |
| 0030 | Multiplication factor (mc) x Average of previous 60 working days VaR (VaRavg) Article 364(1), point (a)(ii), and Article 365(1) of Regulation (EU) No 575/2013 |
| 0040 | Previous day VaR (VaRt-1) Article 364(1), point (a)(i), and Article 365(1) of Regulation (EU) No 575/2013 |
| 0050-0060 | Stressed VaR Stressed VaR means the maximum potential loss that would result from a price change with a given probability over a specific time horizon obtained by using input calibrated to historical data from a continuous 12-months period of financial stress relevant to the institution’s portfolio. |
| 0050 | Multiplication factor (ms) x Average of previous 60 working days (SVaRavg) Article 364(1), point (b)(ii), and Article 365(1) of Regulation (EU) No 575/2013 |
| 0060 | Latest available (SVaRt-1) Article 364(1), point (b)(i), and Article 365(1) of Regulation (EU) No 575/2013 |
| 0070-0080 | INCREMENTAL DEFAULT AND MIGRATION RISK CAPITAL CHARGE Incremental default and migration risk capital charge means the maximum potential loss that would result from a price change linked to default and migration risks calculated in accordance with Article 364(2), point (b), in conjunction with Part Three, Title IV, Chapter 5, Section 4, of Regulation (EU) No 575/2013. |
| 0070 | 12 weeks average measure Article 364(2), point (b)(ii), in conjunction with Part Three, Title IV, Chapter 5, Section 4, of Regulation (EU) No 575/2013 |
| 0080 | Last Measure Article 364(2), point (b)(i), in conjunction with Part Three, Title IV, Chapter 5, Section 4, of Regulation (EU) No 575/2013 |
| 0090-0110 | ALL PRICE RISKS CAPITAL CHARGE FOR CTP |
| 0090 | FLOOR Article 364(3), point (c), of Regulation (EU) No 575/2013 8 % of the capital charge that would be calculated in accordance with Article 338(1) of Regulation (EU) No 575/2013 for all positions in the “all price risks” capital charge. |
| 0100-0110 | 12 WEEKS AVERAGE MEASURE AND LAST MEASURE Article 364(3), point (b), of Regulation (EU) No 575/2013 |
| 0110 | LAST MEASURE Article 364(3), point (a), of Regulation (EU) No 575/2013 |
| 0120 | OWN FUNDS REQUIREMENTS Own funds requirements as referred to in Article 364 of Regulation (EU) No 575/2013 of all risk factors, taking into account correlation effects, where applicable, plus incremental default and migration risk and all price of risks for CTP, but excluding the securitisation capital charges for securitisation and nth-to-default credit derivative according to Article 364(2) of that Regulation |
| 0130 | TOTAL RISK EXPOSURE AMOUNT Article 92(6), point (b), of Regulation (EU) No 575/2013. Result of the multiplication of the own funds requirements by 12,5 |
| 0140 | Number of overshootings (during previous 250 working days) Referred to in Article 366 of Regulation (EU) No 575/2013 The number of overshootings based on which the addend is determined shall be reported. Where investment firms are permitted to exclude certain overshootings from the calculation of the addend in accordance with Article 500c of Regulation (EU) No 575/2013, the number of overshootings reported in this column shall be net of those excluded overshootings. |
| 0150-0160 | VaR Multiplication Factor (mc) and SVaR Multiplication Factor (ms) As referred to in Article 366 of Regulation (EU) No 575/2013 The multiplication factors effectively applicable for the calculation of own funds requirements shall be reported; where applicable, after application of Article 500c of Regulation (EU) No 575/2013. |
| 0170-0180 | ASSUMED CHARGE FOR CTP FLOOR - WEIGHTED NET LONG/ SHORT POSITIONS AFTER CAP The amount reported and serving as the basis to calculate the floor capital charge for all price risks in accordance with Article 364(3), point (c), of Regulation (EU) No 575/2013, taking into account the discretion set out in Article 335 of that Regulation which stipulates that the institution may cap the product of the weight and the net position at the maximum possible default-risk related loss. |
| --- | --- |
| Rows | Rows |
| 0010 | TOTAL POSITIONS Corresponds to the part of position, foreign exchange and commodities risk referred to in Article 363(1) of Regulation (EU) No 575/2013 linked to the risk factors referred to in Article 367(2) of that Regulation. Concerning the columns 0030 to 0060 (VAR and Stress-VAR), the figures in the total row are not equal to the decomposition of the figures for the VaR/Stress-VaR of the relevant risk components. |
| 0020 | TRADED DEBT INSTRUMENTS Corresponds to the part of position risk referred to in Article 363(1) of Regulation (EU) No 575/2013, linked to the interest rates risk factors referred to in Article 367(2), point (a), of that Regulation. |
| 0030 | TDI – GENERAL RISK General risk component as referred to in Article 362 of Regulation (EU) No 575/2013 |
| 0040 | TDI – SPECIFIC RISK Specific risk component as referred to in Article 362 of Regulation (EU) No 575/2013 |
| 0050 | EQUITIES Corresponds to the part of position risk referred to in Article 363(1) of Regulation (EU) No 575/2013 linked to the equity risk factors referred to in Article 367(2), point (c), of that Regulation. |
| 0060 | EQUITIES – GENERAL RISK General risk component as referred to in Article 362 of Regulation (EU) No 575/2013 |
| 0070 | EQUITIES – SPECIFIC RISK Specific risk component as referred to in Article 362 of Regulation (EU) No 575/2013 |
| 0080 | FOREIGN EXCHANGE RISK Articles 363(1) and Article 367(2), point (b), of Regulation (EU) No 575/2013 |
| 0090 | COMMODITY RISK Articles 363(1) and Article 367(2), point (d), of Regulation (EU) No 575/2013 |
| 0100 | TOTAL AMOUNT FOR GENERAL RISK Market risk caused by general market movements of traded debt instruments, equities, foreign exchange and commodities. VaR for general risk of all risk factors (taking into account correlation effects where applicable) |
| 0110 | TOTAL AMOUNT FOR SPECIFIC RISK Specific risk component of traded debt instruments and equities. VaR for specific risk of equities and traded debt instruments of trading book (taking into account correlation effects where applicable) |
’
[^ntr1-L_202502159EN.001702-E0001]: Commission Delegated Regulation (EU) No 525/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the definition of market (OJ L 148, 20.5.2014, p. 15, ELI: http://data.europa.eu/eli/reg_del/2014/525/oj).
[^ntr2-L_202502159EN.001702-E0002]: Commission Implementing Regulation (EU) No 945/2014 of 4 September 2014 laying down implementing technical standards with regard to relevant appropriately diversified indices according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 265, 5.9.2014, p. 3, ELI: http://data.europa.eu/eli/reg_impl/2014/945/oj).
[^ntr3-L_202502159EN.001702-E0003]: Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj).
ELI: http://data.europa.eu/eli/reg_impl/2025/2159/oj
ISSN 1977-0677 (electronic edition)
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