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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
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Regulation 18 Global exposure: commitment approach (structured UCITS)

(1) The responsible person of a structured UCITS shall only calculate global exposure of a structured UCITS using the commitment approach as set out in paragraphs 14 to 18 of Schedule 9 of the UCITS Regulations in the following circumstances:

(a) the UCITS is managed passively and structured to achieve, at maturity, the pre-defined payoff and holds at all times the assets needed to ensure that this pre-defined payoff will be met;

(b) the UCITS is formula-based and the pre-defined payoff can be divided into a limited number of separate scenarios which are dependent on the value of the underlying assets and which offer investors different payoffs;

(c) an investor can be exposed to only one payoff profile at any time during the life of the UCITS;

(d) the use of the commitment approach as set out in paragraphs 14 to 18 of Schedule 9 of the UCITS Regulations to calculate global exposure for the individual scenarios is appropriate taking into account the provisions of -

(i) guideline 1, para

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