{
  "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-III/division-2",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-231/annex-III/division-2.json",
  "legislation": "eur/2013/231",
  "legislation_title": "Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-231",
  "path": "annex/III/division/2",
  "kind": "division",
  "number": "2",
  "heading": "The equivalent underlying asset positions calculated in accordance with to paragraph 1 shall be netted as follows:",
  "text": "(a) Each interest rate derivative instrument shall be allocated to the appropriate maturity range of the following maturity-based ladder:\nMaturities ranges\n1.. 0-2 years\n2.. 2-7 years\n3.. 7-15 years\n4.. > 15 years\n(b) The long and short equivalent underlying asset positions shall be netted within each maturity range. The amount of the former which is netted with the latter is the netted amount for that maturity range.\n(c) Starting with the shortest maturity range, the netted amounts between two adjoining maturity ranges shall be calculated by netting the amount of the remaining unnetted long (or short) position in the maturity range (i) with the amount of the remaining unnetted short (long) position in the maturity range (i + 1).\n(d) Starting with the shortest maturity range, the netted amounts between two remote maturity ranges separated by another one shall be calculated by netting the amount of the remaining unnetted long (or short) position in the maturity range (i) with the amount of the remaining unnetted short (long) position in the maturity range (i + 2).\n(e) The netted amount shall be calculated between the remaining unnetted long and short positions of the two most remote maturity ranges.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/231/annex/III/division/2",
    "retrieved_at": "2026-11-01T14:48:47.465765+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}