1.   Competent authorities shall assess whether an investment firm’s liquidity level would enable it to continue to comply with its liquidity requirement in adverse macroeconomic, microeconomic, and geopolitical conditions, taking into account all of the following:

(a)	a partial or total loss of unsecured funding capacity, including received committed or uncommitted liquidity or credit lines;

(b)	a partial or total loss of secured, short-term funding;

(c)	potential obligation to buy-back debt or to honour non-contractual obligations.

2.   When assessing the events referred to in paragraph 1, competent authorities shall consider market-related events, specific stresses related to the situation of the issuers of the investment firm’s assets or related to the funding providers of the investment firm, and a combination of those.

3.   Where the investment firm is part of a group, competent authorities shall determine how the adverse conditions referred to in paragraphs 1 and 2 may affect the liquidity situation of the group as a whole and the conclusions of the assessment performed under Article 8.