Article 96

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: investment firms that deal on own account only for the purpose of fulfilling or executing a client order or for the purpose of gaining entrance to a clearing and settlement system or a recognised exchange when acting in an agency capacity or executing a client order; investment firms that meet all the following conditions: that do not hold client money or securities; that undertake only dealing on own account; that have no external customers; for which the execution and settlement whose transactions takes place under the responsibility of a clearing institution and are guaranteed by that clearing institution. For investment firms referred to in paragraph 1, total risk exposure amount shall be calculated as the sum of the following: points (a) to (d) and (f) of Article 92(3) after applying Article 92(4); the amount referred to in Article 97 multiplied by 12,5. 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.

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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.