Glossary
Issuer group
An issuer group is the set of issuers that belong to one corporate group, combined into a single body when concentration limits are measured.
An issuer group treats a parent and its subsidiaries as one exposure. A portfolio with 4% in a bank’s bonds, 3% in its mortgage subsidiary and 4% in its insurance arm has 11% in one group. Each issuer is under a 5% cap; the group is not.
UCITS law makes the group rule explicit. Under Article 52(5) of the Directive, companies in the same group for consolidated accounts are regarded as a single body for the issuer limits. Member States may also allow cumulative investment within a group of up to 20%.
Grouping needs reference data on who owns whom. GLEIF publishes each legal entity’s direct and ultimate accounting consolidating parent as open LEI Level 2 data. In Acclimetry’s issuer concentration limit, the issuer-group dimension aggregates by ultimate parent; see issuer groups and LEI Level 2.
See also
Sources
- Directive 2009/65/EC (UCITS), Article 52, text as it stood at UK exit (legislation.gov.uk; source of record EUR-Lex) · OGL v3.0 · Read on12 October 2026
- GLEIF, Level 2 data: who owns whom (LEI data released under CC0) · public domain · Read on12 October 2026
- Acclimetry rule-template registry (32 templates, methodology options, reason codes and 108 engine-checked cases; backend commit 8197063) · cite only · Read on12 October 2026