62. This section sets out the governance requirements and the requirements related to the risk management strategy of the institution for its structural FX positions. As previously mentioned, the risk management strategy for structural FX positions and the governance requirements are expected to constitute the basis for the assessment performed by the competent authority.
63. When seeking the application of the waiver, institutions should specify in the application sent to the competent authority:
(a) the level(s) of consolidation at which the exemption is sought;
(b) which ratio among the three in Article 92 the institution intends to hedge, with a justification for the choice;
(c) the currency/currencies of the positions for which the institution seeks the exemption;
64. In line with the level of consolidation and the currency of the positions for which the exemption is sought, the institution should specify in the application the FX positions that according to the institution are su
…