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Directive 2006/49/EC of the European Parliament and of the Council (repealed)Show full title
Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast) (repealed)
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Article 21
Investment firms shall be required to hold own funds equivalent to one quarter of their preceding year's fixed overheads.
The competent authorities may adjust that requirement in the event of a material change in a firm's business since the preceding year.
Where a firm has not completed a year's business, starting from the day it starts up, the requirement shall be a quarter of the fixed overheads projected in its business plan, unless an adjustment to that plan is required by the competent authorities.
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