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Investment Firms Regulation In force since 26 June 2021

Regulation (EU) 2019/2033 on the prudential requirements of investment firms
32019R2033 · official text on EUR-Lex

Articles

• Article 1 — Subject matter and scope
• Article 2 — Supervisory powers
• Article 3 — Application of stricter requirements by investment firms
• Article 4 — Definitions

Chapter 1 Application of requirements on an individual basis

• Article 5 — General principle
• Article 6 — Exemptions

Chapter 2 Prudential consolidation and exemptions for an investment firm group

• Article 7 — Prudential consolidation
• Article 8 — The group capital test
• Article 9 — Own funds composition
• Article 10 — Qualifying holdings outside the financial sector
• Article 11 — Own funds requirements
• Article 12 — Small and non‐interconnected investment firms
• Article 13 — Fixed overheads requirement
• Article 14 — Permanent minimum capital requirement

Chapter 1 General principles

• Article 15 — K‐factor requirement and applicable coefficients

Chapter 2 RtC K‐factors

• Article 16 — RtC K‐factor requirement
• Article 17 — Measuring AUM for the purpose of calculating K‐AUM
• Article 18 — Measuring CMH for the purpose of calculating K‐CMH
• Article 19 — Measuring ASA for the purpose of calculating K‐ASA
• Article 20 — Measuring COH for the purpose of calculating K‐COH

Chapter 3 RtM K‐Factors

• Article 21 — RtM K‐factor requirement
• Article 22 — Calculating K‐NPR
• Article 23 — Calculating K‐CMG

Chapter 4 RtF K‐factors

• Article 24 — RtF K‐factor requirement

Section 1 Trading counterparty default

• Article 25 — Scope
• Article 26 — Calculating K‐TCD
• Article 27 — Calculation of exposure value
• Article 28 — Replacement cost (RC)
• Article 29 — Potential future exposure
• Article 30 — Collateral
• Article 31 — Netting
• Article 32 — Credit valuation adjustment

Section 2 Daily trading flow

• Article 33 — Measuring DTF for the purpose of calculating K‐DTF

Chapter 5 Environmental and social objectives

• Article 34 — Prudential treatment of assets exposed to activities associated with environmental or social objectives
• Article 35 — Monitoring obligation
• Article 36 — Calculation of the exposure value
• Article 37 — Limits with regard to concentration risk and exposure value excess
• Article 38 — Obligation to notify
• Article 39 — Calculating K‐CON
• Article 40 — Procedures to prevent investment firms from avoiding the K‐CON own funds requirement
• Article 41 — Exclusions
• Article 42 — Exemption for commodity and emission allowance dealers
• Article 43 — Liquidity requirement
• Article 44 — Temporary reduction of the liquidity requirement
• Article 45 — Client guarantees
• Article 46 — Scope
• Article 47 — Risk management objectives and policies
• Article 48 — Governance
• Article 49 — Own funds
• Article 50 — Own funds requirements
• Article 51 — Remuneration policy and practices
• Article 52 — Investment policy
• Article 53 — Environmental, social and governance risks
• Article 54 — Reporting requirements
• Article 55 — Reporting requirements for certain investment firms, including for the purposes of the thresholds referred to in Article 1(2) of this Regulation and in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
• Article 56 — Exercise of the delegation
• Article 57 — Transitional provisions
• Article 58 — Derogation for undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
• Article 59 — Derogation for investment firms referred to in Article 1(2)
• Article 60 — Review clause
• Article 61 — Amendment to Regulation (EU) No 1093/2010
• Article 62 — Amendments to Regulation (EU) No 575/2013
• Article 63 — Amendments to Regulation (EU) No 600/2014
• Article 64 — Amendment to Regulation (EU) No 806/2014
• Article 65 — References to Regulation (EU) No 575/2013 in other Union legal acts
• Article 66 — Entry into force and date of application