13. For the exemption from the liquidity requirements under Article 43(1) of Regulation (EU) …

For the exemption from the liquidity requirements under Article 43(1) of Regulation (EU) 2019/2033, competent authorities should only consider investment firms that provide the following limited set of investment services:

• i) reception and transmission of orders in relation to one or more financial instruments as referred to in Annex I, Section A, point (1) of Directive 2014/65/EU;
• ii) execution of orders on behalf of clients as referred to in Annex I, Section A, point (2) of Directive 2014/65/EU;
• iii) portfolio management as referred to in Annex I, Section A, point (4) of Directive 2014/65/EU;
• iv) investment advice as referred to in Annex I, Section A, point (5) of Directive 2014/65/EU;
• v) placing of financial instruments without a firm commitment basis as referred to in Annex I, Section A, point (7) of Directive 2014/65/EU.

1. Overview

1.1 References

• Article 43 1.

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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