PART 1

Options and discretions set out in Directive (EU) 2019/2034, Regulation (EU) 2019/2033

PART 2

Number of investment firms using transitional provisions set out in Directive (EU) 2019/2034 and Regulation (EU) 2019/2033

PART 3

Variable elements of remuneration (Article 32 of Directive (EU) 2019/2034)

Directive (EU) 2019/2034

Regulation (EU) 2019/2033

Addressee

Denomination

Description of the option or discretion

Exercised (Y/N/NA) (1)

National text (2)

Reference(s) (3)

Available in EN (Y/N)

Details / Comments

010

Date of the last update of information in this template

(dd/mm/yyyy)

020

5(1)

Competent authority

Application of CRD requirements

Competent authorities may decide to apply Regulation (EU) No 575/2013 to an investment firm that carries out activities specified in points 3 and 6 in Section A of Annex I of Directive 2014/65/EU where the total value of the consolidated assets of the investment firm is equal to or exceeds EUR 5 000 000 000 where conditions of Article 5(1) of Directive (EU) 2019/2034 apply.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

030

24(2)

Competent authority

Internal capital and liquid assets

Competent authorities may request small and non-interconnected investment firms to apply requirements for internal capital and liquid assets as provided for in Article 24 of Directive (EU) 2019/2034.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

040

36(2)

Competent authority

Supervisory review and evaluation

Competent authorities shall decide on a case-by-case basis whether and in which form the review and evaluation is to be carried out for small and non-interconnected investment firms.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

050

40(7)

Competent authority

Additional own funds requirement

Competent authorities may impose on a case-by-case basis an additional own funds requirements referred to in Article 40 of Directive (EU) 2019/2034 on small and non-interconnected investment firms.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

060

41(1)

Competent authority

Additional own funds requirement

Competent authorities may request investment firms which are not small and non-interconnected investment firms to have a level of own funds which would cover the potential impact of cyclical economic fluctuations.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

070

42(1)

Competent authority

Liquidity requirements

Competent authorities shall impose specific liquidity requirements referred to in point (k) of Article 39(2) of Directive (EU) 2019/2034 for investment firms for which liquidity requirements apply as referred to in Article 42(1) of Directive (EU) 2019/2034.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

080

46(6)

Competent authority

Exemption from group supervisor criteria

Competent authorities may designate a supervisor on a consolidated basis other than the one referred to in Article 46(6) of Directive (EU) 2019/2034.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

090

1(2)(c)

Competent authority

Application of Capital Requirements Regulation (Regulation (EU) No 575/2013) requirements

Competent authority may decide to apply Regulation (EU) No 575/2013 requirements for investment firms which carry out activities specified in points 3 and 6 in Section A of Annex I of Directive 2014/65/EU and for which the value of total consolidated assets of the investment firm or group of investment firms is equal to or exceeds EUR 15 000 000 000 in accordance with Article 1(2) of Regulation (EU) 2019/2033.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

100

1(5)

Competent authority

Application of Regulation (EU) No 575/2013 requirements

Competent authorities may allow Regulation (EU) No 575/2013 requirements to be applied to investment firms which carry out activities specified in points 3 and 6 in Section A of Annex I of Directive 2014/65/EU and if the investment firm is a subsidiary of a credit institution or financial holding company or a mixed financial holding company in accordance with Article 1(5) of Regulation (EU) 2019/2033.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

110

6(1)

Competent authority

Application of requirements on an individual basis

Competent authorities may exempt an investment firm from the application of Article 5 of Regulation (EU) 2019/2033 in respect of parts 2, 3, 4, 6 and 7, where all conditions of Article 6(1) are fulfilled.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

120

6(2)

Competent authority

Application of requirements on an individual basis

Competent authorities may exempt an investment firm from the application of Article 5 of Regulation (EU) 2019/2033 in respect of part 6, where all conditions of Article 6(2) are fulfilled.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

130

6(3)

Competent authority

Application of requirements on an individual basis

Competent authorities may exempt an investment firm from the application of Article 5 of the Regulation (EU) 2019/2033 in respect of part 5 where all conditions of Article 6(3) are fulfilled.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

140

7(4)

Competent authority

Application of requirements on a consolidated basis

Competent authorities may exempt the parent undertaking from requirements to comply with the obligation laid down in part 5 on the basis of their consolidated situation.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

150

8(1)

Competent authority

Application of requirements on a consolidated basis

Competent authorities may allow the application of Article 8 of Regulation (EU) 2019/2033 where group structures are sufficiently simple, there are no significant risks to clients or to the market from the investment firm group as a whole that would otherwise require supervision on a consolidated basis.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

160

8(4)

Competent authority

Application of requirements on a consolidated basis

Competent authorities may allow a parent to hold a lower amount of own funds than the amount calculated under Article 8(3) of Regulation (EU) 2019/2033, provided that this amount is not lower than the sum of the own funds requirements imposed on an individual basis on its subsidiary investment firms, financial institutions, ancillary services undertakings and tied agents, and the total amount of any contingent liabilities in favour of those entities.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

170

9(4)

Competent authority

Own funds

Competent authorities may allow for investment firms which are small and non-interconnected or not legal persons or joint-stock companies to use further instruments or funds as equivalent to own funds instruments

[Y/N/NA]

Mandatory if Y

Mandatory if Y

180

10(2)

Competent authority

Qualifying holdings of own funds

Competent authorities may prohibit an investment firm from having qualifying holdings as referred to in Article 10(1) of Regulation (EU) 2019/2033, where the amount of those holdings exceeds the percentages of own funds laid down in that paragraph.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

190

11(3)

Competent authority

Own funds

Competent authorities may require an investment firm to be subject to different own funds requirements than the ones referred to in Article 11 of the Regulation (EU) 2019/2033

[Y/N/NA]

Mandatory if Y

Mandatory if Y

200

13(2)

Competent authority

Own funds. Fixed overheads requirement

Competent authorities may adjust the amount of fixed overheads requirement as referred in Article 13(1) of Regulation (EU) 2019/2033 when it considers that there has been a material change in the activities of an investment firm.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

210

15(4)

Competent authority

Own funds

Competent authorities may adjust the corresponding amount of a relevant K-factor when they consider that there has been a material change in the business activity of the investment firm.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

220

17(2)

Competent authority

K-factors. K-AUM (assets under management)

The competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

230

18(2)

Competent authority

K-factors. K-CMH (client money held)

The competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

240

19(3)

Competent authority

K-factors. K-ASA (assets safeguarded and administered)

The competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

250

20(3)

Competent authority

K-factors. K-COH (client orders handled)

The competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

260

30(1)

Competent authority

K-factors. K-TCD

Competent authorities may change the volatility adjustment for certain types of commodities for which there are different levels of volatility in prices.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

270

33(4)

Competent authority

K-factors. K-DTF (daily trading flow)

The competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

280

38(2)

Competent authority

Concentration risk

Competent authorities may grant the investment firm a limited period to comply with the limit regarding to concentration risk and exposure value excess referred in Article 37 of Regulation (EU) 2019/2033.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

290

41(2)

Competent authority

Concentration risk

Competent authorities may fully or partially exempt exposures referred to in Article 41(2) of Regulation (EU) 2019/2033 from the application of Article 37 of Regulation (EU) 2019/2033.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

300

43(1)

Competent authority

Liquidity requirements

Competent authorities may exempt small and non-interconnected investment firms from application of liquidity requirements set out in Article 43(1) of Regulation (EU) 2019/2033.

[Y/N/NA]

Mandatory if Y

Mandatory if Y

Directive (EU) 2019/2034

Regulation (EU) 2019/2033

Adressee

Scope

Denomination

Description of the option or discretion

Year

Exercised (Y/N/NA) (1)

Number of investment firms applying the transitional provision

Date of the last update of information in this template

(dd/mm/yyyy)

010

Article 57(3)

Investment firms

Own funds

Application of lower own funds requirements

Investment firms referred to in Article 57(3) of Regulation (EU) 2019/2033 may apply lower own funds requirements for a period of 5 years from 26 June 2021.

[Year]

[Y/N/NA]

020

Article 57(4)

Investment firms

Own funds

Application of lower own funds requirements

Investment firms referred to in Article 57(4) of Regulation (EU) 2019/2033 may apply lower own funds requirements for a period of 5 years from 26 June 2021.

[Year]

[Y/N/NA]

030

Article 57(6)

Investment firms dealing on own accounts

Own funds

Application of lower own funds requirements

Investment firms which deal on own account and which are referred to in Article 57(6) of Regulation (EU) 2019/2033 may limit their own funds requirements for a period of 5 years from 26 June 2021 to at least EUR 250 000, subject to an annual increase of at least EUR 100 000 during a 5-year period.

[Year]

[Y/N/NA]

Directive (EU) 2019/2034

Adressee

Provisions

Information to disclose

Exercised (Y/N/NA)

References

Available in EN (Y/N)

Details / Comments

010

Date of the last update of information in this template

(dd/mm/yyyy)

020

Article 30(2)

Member States

Member states shall describe how they ensure that investment firms set the appropriate ratios between the variable and the fixed component of the total remuneration.

[Free text/value]

[Y/N/NA]

Mandatory if Y

Mandatory if Y

030

Article 32(3)

Member States or Competent Authorities

Description of any restriction on the types and designs or prohibitions of instruments that can be used for the purposes of awarding variable remuneration.

[Free text/value]

[Y/N/NA]

Mandatory if Y

Mandatory if Y

040

Article 32(5)

Member States

Thresholds other than those referred to in Article 32(4) that competent authority has increased for certain investment firms.

[Value in EUR]

[Y/N/NA]

Mandatory if Y

Mandatory if Y

050

Article 32(6)

Member States

Thresholds other than those referred to in Article 32(4) that competent authority has decreased for certain investment firms.

[Value in EUR]

[Y/N/NA]

Mandatory if Y

Mandatory if Y

060

Article 32(7)

Member States

Description of market specificities or nature of the responsibilities and job profile of staff members who are entitled to annual variable remuneration whose annual variable remuneration does not exceed EUR 50 000 and does not represent more than one fourth of that individual’s total annual remuneration but but the individual has not been subject to the exemption set out in Article 32(4).

[Free text/value]

[Y/N/NA]

Mandatory if Y

Mandatory if Y