Article 10
Consolidated fixed overheads requirement
1. A Union parent undertaking, or a relevant entity designated as responsible for prudential consolidation in accordance with Article 5, shall calculate its consolidated fixed overheads on the basis of its consolidated expenditure figures resulting from the applicable accounting framework on a consolidated basis.
2. Where the consolidated expenditure figures are not available under the applicable accounting framework, the consolidated fixed overheads shall amount to the sum of the following:
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(a) |
the expenditures of the Union parent investment firm, or of the entity designated as responsible for prudential consolidation in accordance with Article 5, at the individual level; |
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(b) |
the expenditures of the relevant entities, at the individual level, that are consolidated in accordance with Article 6. |
3. The Union parent undertaking, or the relevant entity designated as responsible for prudential consolidation in accordance with Article 5, shall include in the investment firm group’s consolidated expenditure figures those expenditures of consolidated tied agents that have not yet been included in those consolidated expenditure figures.
4. A competent authority shall consider an increase or a decrease of the business activity of one or more relevant entities in the scope of consolidation in the investment firm group as a material change as referred to in Article 13(2) of Regulation (EU) 2019/2033 where such increase or decrease results in a change of 30 % or more in the projected consolidated fixed overheads of the current year.