Version in force , Modified +12 −17§
Amended by Regulation (EU) 2019/2033 32019R2033 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2021/558 32021R0558 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2020/873 32020R0873 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraphs 4 and 5 now refer only to the category described in paragraph 2, removing the earlier reference to paragraph 3.
Paragraph 6 now states that the provisions in paragraphs 2, 4 and 5 shall not apply, rather than the provisions in paragraphs 2 to 5, and rephrases the condition in paragraph 1 as needing to "be met" instead of "is met".
Cited: Art. 93, v1 (external, EUR-Lex) · Art. 93, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 28 December 2020 02013R0575-20201228 → this version, in force 28 June 2021 02013R0575-20210629
Article 93
Initial capital requirement on going concern
1. The own funds of an institution may not fall below the amount of initial capital required at the time of its authorisation.
2. Credit institutions that were already in existence on 1 January 1993, the amount of own funds of which do not attain the amount of initial capital required may continue to carry out their activities. In that event, the amount of own funds of those institutions may not fall below the highest level reached with effect from 22 December 1989.
3. Authorised investment firms and firms that were covered by Article 6 of Directive 2006/49/EC which were in existence before 31 December 1995, the amount of own funds of which do not attain the amount of initial capital required may continue to carry out their activities. The own funds of such firms or investment firms shall not fall below the highest reference level calculated after the date of notification contained in Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investments firms and credit institutions
OJ L 141, 11.6.1993, p. 1.. That reference level shall be the average daily level of own funds calculated over a six month period preceding the date of calculation. It shall be calculated every six months in respect of the corresponding preceding period.
4. Where control of an institution falling within the category referred to in paragraph 2 or 3 is taken by a natural or legal person other than the person who controlled the institution previously, the amount of own funds of that institution shall attain the amount of initial capital required.
5. Where there is a merger of two or more institutions falling within the category referred to in paragraph 2 or 3, 2, the amount of own funds of the institution resulting from the merger shall not fall below the total own funds of the merged institutions at the time of the merger, as long as the amount of initial capital required has not been attained.
6. Where competent authorities consider it necessary to ensure the solvency of an institution that the requirement laid down in paragraph 1 is be met, the provisions laid down in paragraphs 2 to 2, 4 and 5 shall not apply.