1.By way of derogation from Article 2(2), competent authorities may exempt investment firms from the consolidated capital requirement established in that Article, provided that all the investment firms in the group are covered by Article 20(2) and the group does not include credit institutions.
2.Where the requirements of paragraph 1 are met, a parent investment firm in a Member State shall be required to provide own funds at a consolidated level which are always more than or equal to the higher of the following two amounts, calculated on the basis of the parent investment firm's consolidated financial position and in compliance with Section 3 of this Chapter:
the sum of the capital requirements contained in points (a) to (c) of Article 75 of Directive 2006/48/EC; and
the amount prescribed in Article 21 of this Directive.
3.Where the requirements of paragraph 1 are met, an investment firm controlled by a financial holding company shall be required to provide own funds at a consolidated level which are always more than or equal to the higher of the following two amounts, calculated on the basis of the financial holding company's consolidated financial position and in compliance with Section 3 of this Chapter:
the sum of the capital requirements contained in points (a) to (c) of Article 75 of Directive 2006/48/EC; and
the amount prescribed in Article 21 of this Directive.