2.Where there is a maturity mismatch the credit protection shall not be recognised where:U.K.
(a)
the original maturity of the protection is less than 1 year; or
(b)
the exposure is a short term exposure specified by the competent authorities as being subject to a one–day floor rather than a one-year floor in respect of the maturity value (M) under Annex VII, Part 2, point 14.