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K-TCD requirement

15the part of the K-factor requirement calculated in accordance with MIFIDPRU 4.14 that is based on the transactions listed in MIFIDPRU 4.14.3R and not otherwise excluded by MIFIDPRU 4.14.5R or MIFIDPRU 4.14.6R, where those transactions are:

  1. (1) recorded in the trading book of a firm dealing on own account (whether or itself or on behalf of a client); or
  2. (2) in the case of transactions specified in MIFIDPRU 4.14.3R(7), undertaken by a firm that has the necessary permissions to deal on own account.