Article 3
Level of capital requirements for a CSD
1.
A CSD shall hold capital, together with retained earnings and reserves, which shall be at all times more than or equal to the sum of:
(a)
the CSD's capital requirements for operational, legal and custody risks, referred to in point (a) of Article 47(1) of Regulation (EU) No 909/2014, calculated in accordance with Article 4;
(b)
the CSD's capital requirements for investment risks, referred to in point (a) of Article 47(1) of Regulation (EU) No 909/2014, calculated in accordance with Article 5;
(c)
the CSD's capital requirements for business risks, referred to in point (a) of Article 47(1) of Regulation (EU) No 909/2014, calculated in accordance with Article 6;
(d)
the CSD's capital requirements for winding-down or restructuring its activities, referred to in point (b) of Article 47(1) of Regulation (EU) No 909/2014, calculated in accordance with Article 7.
2.
A CSD shall have procedures in place to identify all sources of the risks referred to in paragraph 1.