In the paragraph 3 in article 179 of No 2015/35 Regulation, as well as Q&A in 2317 - European Insurance and Occupational Pensions Authority, we know that credit default swaps and total return swaps that are not part of the undertaking's risk mitigation policy pursuant to Article 179(3) should be treated in the spread risk module. And in paragraph 1, credit assessment by a nominated ECAI is available is the base to assign CQS and determine the spread risk stress and capital requirement. And then in 2308 - European Insurance and Occupational Pensions Authority, we know that CDS is subject to SCR Concentration Risk module. Our questions: 1. In Spread Risk Module, the CQS for Credit Derivative is by the underlying reference entity or the counterparty (e.g. Protection Seller)? 2. In Concentration Risk Module, the Single name and their CQS is by the underlying reference entity or the counterparty (e.g. protection seller)?