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Could UCITS using the VaR approach to calculate global exposure disclose leverage based on the Commitment Approach?

For UCITS using VaR to calculate global exposure, can the required disclosure of leverage be made on a net basis i.e. leverage calculated after netting/hedging arrangements are taken into account?

When calculating the global exposure according to the Commitment Approach, can UCITS that invest in other funds make use of hedging arrangements?

Can the following strategy be qualified as a hedging strategy as defined in CESR’s guidelines?

A portfolio management practice which aims to reduce the credit risk of a corporate or government bond portfolio through purchased Credit Default Swaps (CDS). Note that in this case the portfolio interest rate risk would remain un-hedged.

Can the following strategy be qualified as a hedging strategy as defined in CESR’s guidelines?
A portfolio management practice which only aims to reduce the interest rate risk of a corporate bond portfolio by entering into a short position on bond future contracts (or an interest rate swap) in the same currency and with a similar interest rate duration. Note that in this case the portfolio credit risk would remain un-hedged.