3)

In Article 3 the following paragraphs shall be inserted: " (4a) Pending revision of Directive 93/6/EC, the firms referred to in point (c) of Article 2(2) shall have: initial capital of EUR 50000; or professional indemnity insurance covering the whole territory of the Community or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1000000 applying to each claim and in aggregate EUR 1500000 per year for all claims; or a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to points (a) or (b). The amounts referred to in this paragraph shall be periodically reviewed by the Commission in order to take account of changes in the European Index of Consumer Prices as published by Eurostat, in line with and at the same time as the adjustments made under Article 4(7) of Directive 2002/92/EC of the European Parliament and the Council of 9 December 2002 on insurance mediation(36). (4b) When an investment firm referred to in Article 2(2)(c), is also registered under Directive 2002/92/EC it has to comply with the requirement established by Article 4(3), of that Directive and in addition it has to have: initial capital of EUR 25000; or professional indemnity insurance covering the whole territory of the Community or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 500000 applying to each claim and in aggregate EUR 750000 per year for all claims; or a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to points (a) or (b)."

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.