94. The assessment made by the competent authority should lead to the identification of the positions that are suitable for the exemption. It is important to stress that this does not necessarily imply that such positions are actually exempted (i.e. excluded from the net open position); indeed, a portion of the open position generated might not be exempted due to the cap provided by the maximum open position that institutions can exempt - such a situation happens when the institution is actually over-hedging the ratio.
95. Once the exemption has been granted, institutions cannot change the boundaries distinguishing the positions that are suitable for the exemption from the positions that are not. In particular, if the institution did not seek the exemption for some positions, then, as previously mentioned, they must be treated (for all effects) as positions not suitable for the exemption. Accordingly, institutions cannot change the scope of the positions for which they seek the exempti
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