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.