Introductory Text
PART ONE GENERAL PROVISIONS
TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1.Subject matter and scope
Article 2.Supervisory powers
Article 3.Application of stricter requirements by investment firms
Article 4.Definitions
TITLE II LEVEL OF APPLICATION OF REQUIREMENTS
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
PART TWO OWN FUNDS
Article 9.Own funds composition
Article 10.Qualifying holdings outside the financial sector
PART THREE CAPITAL REQUIREMENTS
TITLE I GENERAL REQUIREMENTS
Article 11.Own funds requirements
Article 12.Small and non‐interconnected investment firms
Article 13.Fixed overheads requirement
Article 14.Permanent minimum capital requirement
TITLE II K-FACTOR 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
PART FOUR CONCENTRATION RISK
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
PART FIVE LIQUIDITY
Article 43.Liquidity requirement
Article 44.Temporary reduction of the liquidity requirement
Article 45.Client guarantees
PART SIX DISCLOSURE BY INVESTMENT FIRMS
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
PART SEVEN REPORTING BY INVESTMENT FIRMS
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
PART EIGHT DELEGATED ACTS
Article 56.Exercise of the delegation
PART NINE TRANSITIONAL PROVISIONS, REPORTS, REVIEWS AND AMENDMENTS
TITLE I TRANSITIONAL PROVISIONS
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)
TITLE II REPORTS AND REVIEWS
Article 60.Review clause
TITLE III AMENDMENTS TO OTHER REGULATIONS
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
PART TEN FINAL PROVISIONS
Article 65.References to Regulation (EU) No 575/2013 in other Union legal acts
Article 66.Entry into force and date of application
Signature