Liquidity requirements: scope of applicability for investment firms

In accordance with Article 6(4) of Regulation (EU) No 575/2013 (CRR) investment firms that are authorised to provide the investment services referred to in points (3) and (6) of Section A of Annex I to Directive 2014/65/EU shall comply with liquidity requirements laid down in Part Six of the CRR on an individual basis unless the obligation to comply with Part Six has been waived by the competent authority in accordance with Article 6(4). This should be understood as including any of the following: i) investment firms that are authorised to provide the investment services referred to in point (3); ii) investment firms that are authorised to provide the investment services referred to in point (6); iii) investment firms that are authorised to provide both the investment services referred to in points (3) and (6). This also applies on a consolidated basis pursuant to the application of Article 11(3) of the CRR. This answer is without prejudice to the effects of future work carried out by the European Commission in the context of Article 508 of the CRR.