2. — Directive 2006/48/EC of the European Parliament and of the Council of 14 June…

2.

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

Exposures shall not include either of the following: in the case of foreign exchange transactions, exposures incurred in the ordinary course of settlement during the 48 hours following payment; or in the case of transactions for the purchase or sale of securities, exposures incurred in the ordinary course of settlement during the five working days following payment or delivery of the securities, whichever is the earlier.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.