Recital 1

(1)Considering that not all investment firms are required to have audited financial statements, rules specifying own funds requirement for investment firms based on fixed overheads should allow investment firms to calculate fixed overheads requirement also on the basis of non-audited financial statements, where investment firms are not obliged to have audited financial statements. Furthermore, where the audited financial statements do not cover a period of 12 months, a calculation should be performed by the investment firm to produce an equivalent annual amount, in order to ensure consistency with the requirement of Article 13(1) of Regulation (EU) 2019/2033.