What changed, Regulation (EU) No 575/2013

− ### Article 95 — Own funds requirements for investment firms with limited authorisation to provide investment services
− 
− **1.** For the purposes of Article 92(3), investment firms that are not authorised to provide the investment services and activities listed in points (3) and (6) of Section A of Annex I to Directive 2004/39/EC shall use the calculation of the total risk exposure amount specified in paragraph 2.
− 
− **2.** Investment firms referred to in paragraph 1 of this Article and firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall calculate the total risk exposure amount as …
− 
− Firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall meet the requirements in Article 92(1) and (2) based on the total risk exposure amount referred to in the first sub…
− 
− Competent authorities may set the own funds requirements for firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC as the own funds requirements that would be binding on those…
− 
− **3.** Investment firms referred to in paragraph 1 are subject to all other provisions regarding operational risk laid down in Title VII, Chapter 2, Section II, Sub-section 2 of Directive 2013/36/EU.
− 
− ### Article 96 — Own funds requirements for investment firms which hold initial capital as laid down in Article 28(2) of Directive 2013/36/EU
− 
− **1.** For the purposes of Article 92(3), the following categories of investment firm which hold initial capital in accordance with Article 28(2) of Directive 2013/36/EU shall use the calculation of the total risk exposure amount specified in paragraph 2 of this Article:(a) investment firms that dea…
− 
− **2.** For investment firms referred to in paragraph 1, total risk exposure amount shall be calculated as the sum of the following:▼M17(a) Article 92(4), points (a) to (e) and point (g), after applying Article 92(6);▼C2(b) the amount referred to in Article 97 multiplied by 12,5.
− 
− **3.** Investment firms referred to in paragraph 1 are subject to all other provisions regarding operational risk laid down in Title VII, Chapter 3, Section II, Sub-section 1 of Directive 2013/36/EU.
− 
− ### Article 97 — Own Funds based on Fixed Overheads
− 
− **1.** In accordance with Articles 95 and 96, an investment firm and firms referred to in point (2)(c) of Article 4(1) that provide the investment services and activities listed in points (2) and (4) of Section A of Annex I to Directive 2004/39/EC shall hold eligible capital of at least one quarter …
− 
− **2.** Where there is a change in the business of an investment firm since the preceding year that the competent authority considers to be material, the competent authority may adjust the requirement laid down in paragraph 1.
− 
− **3.** Where an investment firm has not completed business for one year, starting from the day it starts up, an investment firm shall hold eligible capital of at least one quarter of the fixed overheads projected in its business plan, except where the competent authority requires the business plan t…
− 
− **4.** EBA in consultation with ESMA shall develop draft regulatory technical standards to specify in greater detail the following:(a) the calculation of the requirement to hold eligible capital of at least one quarter of the fixed overheads of the previous year;(b) the conditions for the adjustment…
− 
− EBA shall submit those draft regulatory technical standards to the Commission by 1 March 2014.
− 
− Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.
− 
− ### Article 98 — Own funds for investment firms on a consolidated basis
− 
− **1.** In the case of the investment firms referred to in Article 95(1) in a group, where that group does not include credit institutions, a parent investment firm in a Member State shall apply Article 92 at a consolidated level as follows:(a) using the calculation of total risk exposure amount spec…
− 
− **2.** In the case of investment firms referred to in Article 96(1) in a group, where that group does not include credit institutions, a parent investment firm in a Member State and an investment firm controlled by a financial holding company or mixed financial holding company shall apply Article 92…
−