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# Article 34 — Concentration risk

**Commission Delegated Regulation (EU) No 153/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [in force]**

*In force · Consolidated version of 7 March 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307)*

1. <a id="art-34-p-1"></a>A CCP shall closely monitor and control the concentration of its liquidity risk exposure, including its exposures to the entities listed in Article 32(4) and to entities in the same group.

2. <a id="art-34-p-2"></a>A CCP’s liquidity risk management framework shall include the application of exposure and concentration limits.

3. <a id="art-34-p-3"></a>A CCP shall define processes and procedures for breaches of concentration limits.

**CHAPTER IX — DEFAULT WATERFALL ([Article 45](../../articles/45.md) of Regulation (EU) No 648/2012)**