{
  "url": "https://openlegislation.uk/eu-regulation-2019-2033/article-11",
  "json_url": "https://openlegislation.uk/eu-regulation-2019-2033/article-11.json",
  "legislation": "eur/2019/2033",
  "legislation_title": "Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2019-2033",
  "path": "article/11",
  "kind": "article",
  "number": "11",
  "heading": "Own funds requirements",
  "text": "1. Investment firms shall at all times have own funds in accordance with Article 9 which amount to at least D, where D is defined as the highest of the following:\n(a) their fixed overheads requirement calculated in accordance with Article 13;\n(b) their permanent minimum capital requirement in accordance with Article 14; or\n(c) their K‐factor requirement calculated in accordance with Article 15.\n2. By way of derogation from paragraph 1, where an investment firm meets the conditions for qualifying as a small and non‐interconnected investment firm set out in Article 12(1), D shall be defined as the highest of the amounts specified in points (a) and (b) of paragraph 1.\n3. Where competent authorities consider that there has been a material change in the business activities of an investment firm, they may require the investment firm to be subject to a different own funds requirement referred to in this Article, in accordance with Title IV, Chapter 2, Section 4 of Directive (EU) 2019/2034.\n4. Investment firms shall notify the competent authority as soon as they become aware that they no longer satisfy or will no longer satisfy the requirements of this Article.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2019/2033/article/11",
    "retrieved_at": "2026-11-01T14:42:59.416439+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}