(b)
CRR
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.
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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.