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2.

CRD IV
DIRECTIVE 2013/36/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (Text with EEA relevance) · European Union

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 set out in Articles 92 to 95 and Part Four of Regulation (EU) No 575/2013; such positions are incidental and provisional in nature and strictly limited to the time required to carry out the transaction in question.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.