Article 382(3) of Regulation (EU) No 575/2013 (CRR) requires institutions to exclude from the own funds requirements for CVA risk transactions with a qualifying central counterparty and a client's transactions with a clearing member, when the clearing member is acting as an intermediary between the client and a qualifying central counterparty and the transactions give rise to a trade exposure of the clearing member to the qualifying central counterparty. 1) The terms ‘clearing member’ and ‘client’ are not defined for the purposes of Article 382(3). In the CRR, those terms are defined in Article 300 CRR with definitions only applicable for the purposes of Title II, Chapter 6, Section 9 (‘Own funds requirements for exposures to a central counterparty’). In this context, it is unclear whether those definitions also apply for the purposes of Title VI (‘Own funds requirements for CVA risk’). 2) Article 382(3) CRR is unclear as to whether clients’ transactions are excluded from the perspective of the client only or from both perspectives of the client and the clearing member (when the client is subject to the CRR).