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;