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Version from: 09/01/2024

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Procedure 2017/0359/COD

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IFR Tool Investment Firms Regulation (IFR)

Investment Firms Regulation (IFR)

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 (Text with EEA relevance)

PART ONE - GENERAL PROVISIONS (Article 1-8)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-4)Article 1 - Subject matter and scope Article 2 - Supervisory powers Article 3 - Application of stricter requirements by investment firms Article 4 - Definitions Q&A

TITLE II - LEVEL OF APPLICATION OF REQUIREMENTS (Article 5-8)

CHAPTER 1 - Application of requirements on an individual basis (Article 5-6)Article 5 - General principle Article 6 - Exemptions

CHAPTER 2 - Prudential consolidation and exemptions for an investment firm group (Article 7-8)Article 7 - Prudential consolidation RTSQ&AGL Article 8 - The group capital test ITSGL

PART TWO - OWN FUNDS (Article 9-10)Article 9 - Own funds composition Q&A Article 10 - Qualifying holdings outside the financial sector Q&A

PART THREE - CAPITAL REQUIREMENTS (Article 11-34)

TITLE I - GENERAL REQUIREMENTS (Article 11-14)Article 11 - Own funds requirements Q&A Article 12 - Small and non‐interconnected investment firms ITSQ&A Article 13 - Fixed overheads requirement RTSQ&A Article 14 - Permanent minimum capital requirement Q&A

TITLE II - K-FACTOR REQUIREMENT (Article 15-34)

CHAPTER 1 - General principles (Article 15)Article 15 - K‐factor requirement and applicable coefficients RTS

CHAPTER 2 - RtC K‐factors (Article 16-20)Article 16 - RtC K‐factor requirement RTS Article 17 - Measuring AUM for the purpose of calculating K‐AUM RTSQ&A Article 18 - Measuring CMH for the purpose of calculating K‐CMH RTS Article 19 - Measuring ASA for the purpose of calculating K‐ASA RTSQ&A Article 20 - Measuring COH for the purpose of calculating K‐COH RTSQ&A

CHAPTER 3 - RtM K‐Factors (Article 21-23)Article 21 - RtM K‐factor requirement ITSQ&A Article 22 - Calculating K‐NPR Article 23 - Calculating K‐CMG RTS

CHAPTER 4 - RtF K‐factors (Article 24-33)Article 24 - RtF K‐factor requirement Q&A

Section 1 - Trading counterparty default (Article 25-32)Article 25 - Scope ITSQ&A Article 26 - Calculating K‐TCD Q&A Article 27 - Calculation of exposure value Q&A Article 28 - Replacement cost (RC) Q&A Article 29 - Potential future exposure Q&A Article 30 - Collateral Article 31 - Netting Q&A Article 32 - Credit valuation adjustment

Section 2 - Daily trading flow (Article 33)Article 33 - Measuring DTF for the purpose of calculating K‐DTF RTS

CHAPTER 5 - Environmental and social objectives (Article 34)Article 34 - Prudential treatment of assets exposed to activities associated with environmental or social objectives

PART FOUR - CONCENTRATION RISK (Article 35-42)Article 35 - Monitoring obligation Q&A Article 36 - Calculation of the exposure value Q&A Article 37 - Limits with regard to concentration risk and exposure value excess Q&A Article 38 - Obligation to notify Article 39 - Calculating K‐CON Q&A Article 40 - Procedures to prevent investment firms from avoiding the K‐CON own funds requirement Article 41 - Exclusions Article 42 - Exemption for commodity and emission allowance dealers

PART FIVE - LIQUIDITY (Article 43-45)Article 43 - Liquidity requirement ITSQ&AGL Article 44 - Temporary reduction of the liquidity requirement Article 45 - Client guarantees

PART SIX - DISCLOSURE BY INVESTMENT FIRMS (Article 46-53)Article 46 - Scope Article 46a - Accessibility of information on the European single access point Article 47 - Risk management objectives and policies Article 48 - Governance Article 49 - Own funds ITS Article 50 - Own funds requirements Article 51 - Remuneration policy and practices Article 52 - Investment policy RTS Article 53 - Environmental, social and governance risks

PART SEVEN - REPORTING BY INVESTMENT FIRMS (Article 54-55)Article 54 - Reporting requirements ITSQ&A 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 RTS

PART EIGHT - DELEGATED ACTS (Article 56)Article 56 - Exercise of the delegation

PART NINE - TRANSITIONAL PROVISIONS, REPORTS, REVIEWS AND AMENDMENTS (Article 57-64)

TITLE I - TRANSITIONAL PROVISIONS (Article 57-59)Article 57 - Transitional provisions Q&A Article 58 - Derogation for undertakings referred to in point (1)(b) of Article 4(1) of Regulation (EU) No 575/2013 Article 59 - Derogation for investment firms referred to in Article 1(2)

TITLE II - REPORTS AND REVIEWS (Article 60)Article 60 - Review clause

TITLE III - AMENDMENTS TO OTHER REGULATIONS (Article 61-64)Article 61 - Amendment to Regulation (EU) No 1093/2010 Article 62 - Amendments to Regulation (EU) No 575/2013 Article 63 - Amendments to Regulation (EU) No 600/2014 Article 64 - Amendment to Regulation (EU) No 806/2014

PART TEN - FINAL PROVISIONS (Article 65-66)Article 65 - References to Regulation (EU) No 575/2013 in other Union legal acts Article 66 - Entry into force and date of application

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