1. Investment firms shall at all times have own funds in accordance with Article 9 which amount to at least D, where D is defined as the highest of the following:
(a) their fixed overheads requirement calculated in accordance with Article 13;
(b) their permanent minimum capital requirement in accordance with Article 14; or
(c) their K-factor requirement calculated in accordance with Article 15.
2. By way of derogation from paragraph 1, where an investment firm meets the conditions for qualifying as a small and non-interconnected investment firm set out in Article 12(1), D shall be defined as the highest of the amounts specified in points (a) and (b) of paragraph 1.
3. Where competent authorities consider that there has been a material change in the business activities of an investment firm, they may require the investment firm to be subject to a different own funds requirement referred to in this Article, in accordance with Title IV, Chapter 2, Section 4 of Directive (EU) 2019/2034.
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