1. The following exposures shall be excluded from the requirements set out in Article 37:
(a) exposures which are entirely deducted from an investment firm’s own funds;
(b) exposures incurred in the ordinary course of the settlement of payment services, foreign currency transactions, securities transactions and the provision of money transmission;
(c) exposures constituting claims against:
(i) central governments, central banks, public sector entities, international organisations or multilateral development banks and exposures guaranteed by or attributable to such persons, where those exposures receive a 0 % risk weight under Articles 114 to 118 of Regulation (EU) No 575/2013;
(ii) the regional governments and local authorities of countries that are members of the European Economic Area;
(iii) central counterparties and default fund contributions to central counterparties.
2. Competent authorities may fully or partially exempt the following exposures from the application of Article 3
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