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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Published date: 5 December 2019

Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR) (Text with EEA relevance)

Recitals
Part One General Provisions (arts. 1-8)
Title I Subject matter, scope and definitions (arts. 1-4)
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Article 1 Subject matter and scope
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Article 2 Supervisory powers
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Article 3 Application of stricter requirements by investment firms
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Article 4 Definitions
Title II Level of application of requirements (arts. 5-8)
Chapter 1 Application of requirements on an individual basis (arts. 5-6)
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Article 5 General principle
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Article 6 Exemptions
Chapter 2 Prudential consolidation and exemptions for an investment firm group (arts. 7-8)
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Article 7 Prudential consolidation
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Article 8 The group capital test
Part Two Own funds (arts. 9-10)
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Article 9 Own funds composition
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Article 10 Qualifying holdings outside the financial sector
Part Three Capital requirements (arts. 11-34)
Title I General requirements (arts. 11-14)
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Article 11 Own funds requirements
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Article 12 Small and non-interconnected investment firms
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Article 13 Fixed overheads requirement
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Article 14 Permanent minimum capital requirement
Title II K-Factor requirement (arts. 15-34)
Chapter 1 General principles (art. 15)
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Article 15 K-factor requirement and applicable coefficients
Chapter 2 RtC K-factors (arts. 16-20)
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Article 16 RtC K-factor requirement
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Article 17 Measuring AUM for the purpose of calculating K-AUM
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Article 18 Measuring CMH for the purpose of calculating K-CMH
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Article 19 Measuring ASA for the purpose of calculating K-ASA
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Article 20 Measuring COH for the purpose of calculating K-COH
Chapter 3 RtM K-Factors (arts. 21-23)
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Article 21 RtM K-factor requirement
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Article 22 Calculating K-NPR
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Article 23 Calculating K-CMG
Chapter 4 RtF K-factors (arts. 24-33)
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Article 24 RtF K-factor requirement
Section 1 Trading counter par ty default (arts. 25-32)
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Article 25 Scopew
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Article 26 Calculating K-TCD
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Article 27 Calculation of exposure value
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Article 28 Replacement cost (RC)
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Article 29 Potential future exposure
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Article 30 Collateral
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Article 31 Netting
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Article 32 Credit valuation adjustment
Section 2 Daily trading flow (art. 33)
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Article 33 Measuring DTF for the purpose of calculating K-DTF
Chapter 5 Environmental and social objectives (art. 34)
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Article 34 Prudential treatment of assets exposed to activities associated with environmental or social objectives
Part Four Concentration risk (arts. 35-42)
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Article 35 Monitoring obligation
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Article 36 Calculation of the exposure value
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Article 37 Limits with regard to concentration risk and exposure value excess
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Article 38 Obligation to notify
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Article 39 Calculating K-CON
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Article 40 Procedures to prevent investment firms from avoiding the K-CON own funds requirement
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Article 41 Exclusions
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Article 42 Exemption for commodity and emission allowance dealers
Part Five Liquidity (arts. 43-45)
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Article 43 Liquidity requirement
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Article 44 Temporary reduction of the liquidity requirement
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Article 45 Client guarantees
Part Six Disclosure by investment firms (arts. 46-53)
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Article 46 Scope
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Article 47 Risk management objectives and policies
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Article 48 Governance
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Article 49 Own funds
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Article 50 Own funds requirements
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Article 51 Remuneration policy and practices
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Article 52 Investment policy
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Article 53 Environmental, social and governance risks
Part Seven Reporting by investment firms (arts. 54-55)
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Article 54 Reporting requirements
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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 (art. 56)
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Article 56 Exercise of the delegation
Part Nine Transitional provisons, reports, reviews and amendments (arts. 57-64)
Title I Transitional provisions (arts. 57-59)
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Article 57 Transitional provisions
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Article 58 Derogation for undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013
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Article 59 Derogation for investment firms referred to in Article 1(2)
Title II Reports and reviews (art. 60)
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Article 60 Review clause
Title III Amendments to other regulations (arts. 61-64)
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Article 61 Amendment to Regulation (EU) No 1093/2010
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Article 62 Amendments to Regulation (EU) No 575/2013
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Article 63 Amendments to Regulation (EU) No 600/2014
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Article 64 Amendment to Regulation (EU) No 806/2014
Part Ten Final provisions (arts. 65-66)
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Article 65 References to Regulation (EU) No 575/2013 in other Union legal acts
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Article 66 Entry into force and date of application
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