Response to consultation on draft Regulatory Technical Standards on own funds requirements for investment firms based on fixed overheads

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Do you agree with the inclusion of tied agents, as set out in Article 36(4)? If not, what alternative do you suggest?

We do not have any comments on the inclusion of tied agents because our members are not subject to this clause.

However, EBA proposes under Article 36(5) of the draft RTS that firms shall divide the result of the calculation of paragraphs 1 and 2 by the number of months that are reflected in the financial statements and shall subsequently multiple the result by twelve, where the firm’s most recent audited financial statement does not reflect a twelve month period. In our view, this could be lead to disproportionate own fund requirements in cases that there is a concentration of relevant costs during the year. Therefore, we propose implementing appropriate corrective measures on initiative of the national authority or ESMA.

you agree that the inclusion of tied agents would be covered with a certain amount related to a tied agent rather than a variable sum? Or do you prefer the capital requirement to be calculated in the same manner as for the investment firm?

NA

Currently, a 35% share is proposed as the proportion of costs to be included for tied agents. Do you believe this is adequate?

NA

Do you agree with the proposed 20% threshold in Article 36a? Please provide evidence of the potential impact of this threshold.

NA

Do you consider it necessary to set a de minimis amount for small investment firms, as set out in Article 36a(5)? If yes, what should the amount be?

NA

Do you agree with the introduction of the EUR 2 million absolute threshold? If not, what should the amount be?

NA

Could you provide any evidence (qualitative or quantitative) or data that would help the EBA to estimate more precisely the potential change in the own funds requirement in your jurisdiction?

NA

Do you agree with our analysis of the impact of the proposals in this CP? If not, can you provide any evidence or data that might further inform our analysis of the likely impacts of the proposals?

NA

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Name of organisation

BVI Bundesverband Investment und Asset Management eV