By way of derogation from points 1 and 2, when an institution hedges a non-trading book credit risk exposure using a credit derivative booked in its trading book (using an internal hedge), the non-trading book exposure shall not be deemed to be hedged for the purposes of calculating capital requirements unless the institution purchases from an eligible third party protection provider a credit derivative meeting the requirements set out in point 19 of Part 2 of Annex VIII to Directive 2006/48/EC with regard to the non-trading book exposure.

Notwithstanding points 1 and 2, when an institution hedges a non‐trading book credit risk exposure using a credit derivative booked in its trading book (using an internal hedge), the non‐trading book exposure is not deemed to be hedged for the purposes of calculating capital requirements unless the institution purchases from an eligible third party protection provider a credit derivative meeting the requirements set out in point 19 of Part 2 of Annex VIII to Directive 2006/48/EC with regard to the non‐trading book exposure.

Notwithstanding points 1 and 2, when an institution hedges a non‐trading book credit risk exposure using a credit derivative booked in its trading book (using an internal hedge), the non‐trading book exposure is not deemed to be hedged for the purposes of calculating capital requirements unless the institution purchases from an eligible third party protection provider a credit derivative meeting the requirements set out in point 19 of Part 2 of Annex VIII to Directive 2006/48/EC with regard to the non‐trading book exposure.

Positions arising from internal hedges are eligible for trading book capital treatment, provided that they are held with trading intent and that the general criteria on trading intent and prudent valuation specified in Parts A and B are met.

Enlargement, Neighbourhood and Russia Monitoring of the former Yugoslav Republic of Macedonia’s compliance with the Copenhagen criteria Revision of contractual relations with Serbia and Montenegro and clarification of Kosovo status Review issues of financial support and trade with the Turkish Cypriot community Conducting negotiations with Ukraine on successor to the current Partnership and Co-operation Agreement Starting negotiations with Russia on the successor to the current Partnership and Cooperation Agreement Continued contribution to the Middle East Peace Process as well as to other “frozen” conflicts Wider World Concluding the Economic Partnership Agreements (EPA) with the 6 ACP regions to allow implementation as from 1 January 2008 ...[+++]Stepping up support towards ACP countries affected by the sugar reform Finalising the Doha negotiations and start implementing agreements Further improve EC capacity to respond to international crises, natural or man made, in coordination with the Council Reinforcing EU aid effectiveness through joint programming with Member States Enhancing the contribution of EU internal policies to the implementation at EU level of the Millennium Development Goals (MDGs) agenda on Policy coherence for Development Negotiating a new EU-China Framework Agreement Five years after the 2002 World Summit on Sustainable Development assessing EU progress on the commitments taken and identifying the main challenges for the following five years Implementing the international fund for renewables and consolidating progress on international action to tackle climate change Improving cooperation with third country on migration management; adoption of common standards on return of third country nationals and extension of readmission agreements Launching a Community Food Safety training, open to participants from developing countries, promoting and clarifying Community standards and enhancing international trade in safe food |

(5) The Kimberley Process negotiations, bringing together the Community and producer and trading countries representing practically all international trade in rough diamonds, as well as the diamond industry and representatives of civil society, were initiated with a view to developing such an effective control system.