1. Investment firms shall be deemed to be small and non-interconnected investment firms for the purposes of this Regulation where they meet all of the following conditions:
(a) AUM measured in accordance with Article 17 is less than EUR 1,2 billion;
(b) COH measured in accordance with Article 20 is less than either:
(i) EUR 100 million/day for cash trades; or
(ii) EUR 1 billion/day for derivatives;
(c) ASA measured in accordance with Article 19 is zero;
(d) CMH measured in accordance with Article 18 is zero;
(e) DTF measured in accordance with Article 33 is zero;
(f) NPR or CMG measured in accordance with Articles 22 and 23 is zero;
(g) TCD measured in accordance with Article 26 is zero;
(h) the on- and off-balance-sheet total of the investment firm is less than EUR 100 million;
(i) the total annual gross revenue from investment services and activities of the investment firm is less than EUR 30 million, calculated as an average on the basis of the annual figures from the two-year perio
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