{
  "url": "https://openlegislation.uk/eu-regulation-2019-2033/article-41",
  "json_url": "https://openlegislation.uk/eu-regulation-2019-2033/article-41.json",
  "legislation": "eur/2019/2033",
  "legislation_title": "Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2019-2033",
  "path": "article/41",
  "kind": "article",
  "number": "41",
  "heading": "Exclusions",
  "text": "1. The following exposures shall be excluded from the requirements set out in Article 37:\n(a) exposures which are entirely deducted from an investment firm’s own funds;\n(b) exposures incurred in the ordinary course of the settlement of payment services, foreign currency transactions, securities transactions and the provision of money transmission;\n(c) exposures constituting claims against:\n(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;\n(ii) the regional governments and local authorities of countries that are members of the European Economic Area;\n(iii) central counterparties and default fund contributions to central counterparties.\n2. Competent authorities may fully or partially exempt the following exposures from the application of Article 37:\n(a) covered bonds;\n(b) exposures incurred by an investment firm to its parent undertaking, to other subsidiaries of that parent undertaking or to its own subsidiaries, insofar as those undertakings are supervised on a consolidated basis in accordance with Article 7 of this Regulation or with Regulation (EU) No 575/2013, are supervised for compliance with the group capital test in accordance with Article 8 of this Regulation, or are supervised in accordance with equivalent standards in force in a third country, and provided that the following conditions are met:\n(i) there is no current or foreseen material practical or legal impediment to the prompt transfer of capital or repayment of liabilities by the parent undertaking; and\n(ii) the risk evaluation, measurement and control procedures of the parent undertaking include the financial sector entity.",
  "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/2019/2033/article/41",
    "retrieved_at": "2026-11-01T14:42:59.416439+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."
}