2.

The competent authorities may allow an investment firm which executes investors' orders for financial instruments to hold such instruments for its own account if the following conditions are met: such positions arise only as a result of the firm's failure to match investors' orders precisely; the total market value of all such positions is subject to a ceiling of 15 % of the firm's initial capital; the firm meets the requirements laid down in Articles 18, 20 and 28; and such positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question. The holding of non-trading-book positions in financial instruments in order to invest own funds shall not be considered as dealing in relation to the services set out in paragraph 1 or for the purposes of paragraph 3.

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