1. For the purposes of Article 92(3), the following categories of investment firm which hold initial capital in accordance with Article 28(2) of Directive 2013/36/EU shall use the calculation of the total risk exposure amount specified in paragraph 2 of this Article:
(a) investment firms that deal on own account only for the purpose of fulfilling or executing a client order or for the purpose of gaining entrance to a clearing and settlement system or a recognised exchange when acting in an agency capacity or executing a client order;
(b) investment firms that meet all the following conditions:
(i) they do not hold client money or securities;
(ii) they undertake only dealing on own account;
(iii) they have no external customers;
(iv) their execution and settlement transactions take place under the responsibility of a clearing institution and are guaranteed by that clearing institution.
2. For investment firms referred to in paragraph 1, total risk exposure amount shall be calculated as
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