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Recital 2

Recital 2

(2)Given that the difference between the gross and net profits with regard to a firm’s financial situation are represented by the fixed costs of running the firm’s business, the deduction from the total costs of an investment firm of the employees’, directors’ and partners’ shares in profit referred to in Article 13(4) of Regulation (EU) 2019/2033 should be understood to refer to the net profits.

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