1. A CCP shall establish and implement policies and procedures to ensure that the financial instruments in which its financial resources are invested remain sufficiently diversified.

2. A CCP shall determine concentration limits and monitor the concentration of its financial resources at the level of:

(a) individual financial instruments;

(b) types of financial instruments;

(c) individual issuers;

(d) types of issuers;

(e) counterparties with which arrangements as provided for in points (b) and (c) of Article 44(1) or in Article 45(2) are established.

3. When considering types of issuers a CCP shall take into account the following:

(a) geographic distribution;

(b) interdependencies and multiple relationships that an entity may have with a CCP;

(c) the level of credit risk;

(d) exposures the CCP have to the issuer through products cleared by the CCP.