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Eligible collateral and concentration limits proposal for OTC Derivatives for the purposes of EMIR

Eligible Collateral Description	Single Issuer Limit (also issuers of the same group or which have close links as defined in Article 2(24) of Regulation (EU) No 648/2012) in respect of all collateral received from a single counterparty	Aggregate sum of these types of collateral received from a single counterparty must not exceed 40%
Cash	N/A
Gold in the form of allocated pure gold bullion of recognised good delivery	10%
Debt securities issued by Member States’ central governments and central banks	50%
Debt securities issued by Member States’ regional governments or local authorities according to Art. 115 (2) of Regulation (EU) No. 575/2013	50%
Debt securities issued by Member States’ public sector entities according to Art. 116 (4) of Regulation (EU) No. 575/2013	50%
Debt securities issued by Member States’ regional governments or local authorities not meeting the requirements of Art. 115 (2) of Regulation (EU) No. 575/2013	10%
Debt securities issued by Member States’ public sector entities not meeting the requirements of Art. 116 (4) of Regulation (EU) No. 575/2013	10%
Debt securities issued by multilateral development banks listed in Art. 117 (2) of Regulation (EU) No. 575/2013	N/A
Debt securities issued by the International Organisations listed in Art. 118 of Regulation (EU) No. 575/2013	N/A
Debt Securities issued by non-Member States’ governments and central banks	50%
Debt Securities issued by non-Member States’ regional governments or local authorities that meet the requirements of the first sub-paragraph of Art. 115 (2) of Regulation (EU) No. 575/2013 and non-Member States’ public sector entities that meet the requirements of Art. 116 (4) of Regulation (EU) No. 575/2013	50%
Debt securities issued by non-Member States’ regional governments, local authorities not meeting the requirements of the first sub-paragraph of Art. 115 (2) of Regulation (EU) No. 575/2013 or non-Member States’ public sector entities not meeting the requirements of the first sub-paragraph of Art. 116 (4) of Regulation (EU) No. 575/2013	10%
Debt securities issued by credit institutions and investment firms including bonds referred to in Article 52(4) of Directive 2009/65/EC	N/A
Corporate bonds	10%
The most senior tranche of a securitisation that is not re-securitisation	10%	X
Convertible bonds provided that they can be converted only into equities which are included in a main index as referred to in point (a) of Article 197 (8) of Regulation (EU) No 575/2013	10%	X (in respect of those issued by institutions as defined in Regulation (EU) No 575/2013)
Equities included in a main index in accordance with Article 197(8)(a) of Regulation (EU) 575/2013	10%	X (in respect of those issued by institutions as defined in Regulation (EU) No 575/2013)
Shares or units in UCITS, provided that the criteria in Article 5 LEC are met	10%	X

Source: Consultation paper published by ESMA, EBA and EIOPA on 14 April 2014.