(15)Client money held by entities in the scope of consolidation may derive from the services and activities referred to in Annex I to Directive 2014/65/EU or from other services and activities which entities in the investment firm group lawfully perform. It is therefore necessary to ensure that the calculation of the K-factor ‘client money held’ (CMH) does not include client money derived from services and activities other than the ones listed in Annex I to that Directive. Against that background, ‘client money held’ (CMH) of the investment firm group should be the sum of the CMH of all group entities included in the consolidation other than payment institutions and asset management companies.