Commission Delegated Regulation (EU) 2021/2153 of 6 August 2021 supplementing Directive (EU) 2019/2034 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for subjecting certain investment firms to the requirements of Regulation (EU) No 575/2013 (Text with EEA relevance)

For the purposes of Article 5(1)(a) of Directive (EU) 2019/2034, the activities of an investment firm shall be considered to be carried out on such a scale that the failure or distress of the investment firm could lead to systemic risk where the investment firm exceeds any of the following thresholds: (a) total gross notional value of non-centrally cleared over-the-counter derivatives of EUR 50 billion; (b) total value of financial instruments underwriting and/or placing of financial instruments on a firm commitment basis of EUR 5 billion; (c) total value of granted credits or loans to investors to allow them to carry out transactions of EUR 5 billion; and (d) total value of debt securities outstanding of EUR 5 billion.

Investment firms that are clearing members and that offer clearing services to other financial sector entities, which are not clearing members themselves, shall be considered for the purposes of Article 5(1)(b) of Directive (EU) 2019/2034.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.