TITLE III INITIAL CAPITAL

1. Overview

Summary	Regulation
Article 9 Initial capital
Article 10 References to initial capital in Directive 2013/36/EU	Article 10 References to initial capital in Directive 2013/36/EU References to the levels of initial capital set by Article 9 of this Directive shall, from 26 June 2021, be construed as replacing references in other Union legal acts to the levels of initial capital set by Directive 2013/36/EU, as follows: (a) references to initial capital of investment firms in Article 28 of Directive 2013/36/EU shall be construed as references to Article 9(1) of this Directive; (b) references to initial capital of investment firms in Articles 29 and 31 of Directive 2013/36/EU shall be construed as references to Article 9(2), (3) or (4) of this Directive, depending on the types of investment services and activities of the investment firm; (c) references to initial capital in Article 30 of Directive 2013/36/EU shall be construed as references to Article 9(1) of this Directive.
Article 11 Composition of initial capital	Article 11 Composition of initial capital The initial capital of an investment firm shall be constituted in accordance with Article 9 of Regulation (EU) 2019/2033.

Requirements
Source	Requirement

Standards
Source	Requirement