(e)

the sum of the following is not higher than 20 % of total investments calculated on the basis of consolidated data: the market risk module referred to in Article 105(5); the part of the counterparty default risk module referred to in Article 105(6) that corresponds to exposures to securitisations, derivatives, receivables from intermediaries and other investment assets which are not covered in the spread risk sub-module; any capital requirement that is applicable to investments in intangible assets that are not covered by the market risk and the counterparty default risk modules;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.