Article 4 | Delegated Regulation 2022/25 | judict

Updated 21/12/2024

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IFR Tool Delegated Regulation 2022/25

Article 4

Article 4 - Methods for measuring CMH

Article 4

Methods for measuring CMH

For the purposes of Article 18 of Regulation (EU) 2019/2033, the measurement of CMH shall be based on the following:

(a)	balances that the investment firm uses for its internal reconciliations;

(b)	the values contained in the investment firm’s accounting records.

Table of contents

SECTION 1 - METHODS FOR MEASURING THE RISK-TO-CLIENT K-FACTORS (Article 1-9)Article 1 - Methods for measuring the Risk-to-Client K-factors in the case of investment services and activities conducted using tied agents Article 2 - Methods for measuring the AUM in case of non-discretionary advisory arrangements of an ongoing nature Article 3 - Methods for measuring the AUM in case of discretionary portfolio management Article 4 - Methods for measuring CMH Article 5 - Methods for measuring ASA Q&A Article 6 - Methods for measuring the execution of orders in COH Article 7 - Methods for measuring the reception and transmission of orders in COH Article 8 - Methods for measuring cash trades for the purposes of COH Article 9 - Methods for measuring derivatives for the purpose of COH

SECTION 2 - METHODS FOR MEASURING THE RISK-TO-FIRM K-FACTORS (Article 10-12)