Article 9
Total of liquid assets
1. The total liquid assets referred to in the formula laid down in Article 7 shall be calculated as the sum of the total cash held by a non-sophisticated investor on saving accounts and current accounts, and the value of assets that can be easily and swiftly converted into cash, including:
|
(a) |
saving products that can be turned into cash within a maximum of 30 calendar days; |
|
(b) |
financial instruments negotiated on a regulated market within the meaning of Article 4(1), point (21), of Directive 2014/65/EU of the European Parliament and of the Council (4); |
|
(c) |
shares and units of collective investment schemes offering redemption rights on at least a weekly basis. |
2. The following assets shall not be considered to constitute liquid assets:
|
(a) |
real estate properties; |
|
(b) |
amounts paid to a pension scheme for occupational retirement purposes; |
|
(c) |
company shares which are not freely redeemable or transferable, including previous crowdfunding investments. |
(4) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, (OJ L 173, 12.6.2014, p. 349).