Definition of “aggregate liabilities” and “total liabilities” in the context of the 5% threshold

If a term is not defined in the Regulation, the Q&A instrument cannot be used to provide a formal, legal definition. Non-defined terms must be interpreted according to the general meaning of the terms used, together with other recognised interpretative methods, such as contextual interpretation and by identifying the objective of the concerned provisions.   In view of the wording of Article 4(5)(b) of Commission Delegated Regulation (EU) 2015/61, it is clear that the two terms of “aggregate liabilities” and “total liabilities” only refer to on-balance sheet items.   Disclaimer:   The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.