{
  "url": "https://openlegislation.uk/eu-regulation-2019-2033/article-18",
  "json_url": "https://openlegislation.uk/eu-regulation-2019-2033/article-18.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/18",
  "kind": "article",
  "number": "18",
  "heading": "Measuring CMH for the purpose of calculating K‐CMH",
  "text": "1. For the purpose of calculating K‐CMH, CMH shall be the rolling average of the value of total daily client money held, measured at the end of each business day for the previous nine months, excluding the three most recent months.\nCMH shall be the arithmetic mean of the daily values from the remaining six months.\nK‐CMH shall be calculated on the first business day of each month.\n2. Where an investment firm has been holding client money for less than nine months, it shall use historical data for CMH for the period specified under paragraph 1 as soon as such data becomes available to calculate K‐CMH.\nThe competent authority may replace missing historical data points by regulatory determinations based on the business projections of the investment firm submitted in accordance with Article 7 of Directive 2014/65/EU.",
  "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/18",
    "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."
}