(1) The Bank may, taking into account the principle of proportionality and commensurate with the size, systemic importance, nature, scale and complexity of activities of an investment firm that does not meet the conditions for qualifying as a small and non-interconnected investment firm set out in Article 12(1) of Regulation (EU) 2019/2033, require the investment firm to have levels of own funds which, based on Regulation 21, are sufficiently above the requirements set out in Part Three of Regulation (EU) 2019/2033 and in these Regulations, including the additional own funds requirements referred to in Regulation 35(1)(a), to ensure that cyclical economic fluctuations do not lead to a breach of those requirements or threaten the ability of the investment firm to wind down and cease activities in an orderly manner.

(2) The Bank shall, where appropriate, review the level of own funds that has been set by each investment firm that does not meet the conditions for qualifying as a small and non-interconnected investment firm set out in Article 12(1) of Regulation (EU) 2019/2033, in accordance with paragraph (1) and, where relevant, shall communicate the conclusions of that review to the investment firm concerned, including any requirements for adjustments to the level of own funds established in accordance with paragraph (1).