[ESMA70-872942901 Commodity derivatives, Ancillary services, Q&A 10]

The CDR 2021/1833 RTS 20 capital employed test should be calculated using consolidated accounts. According to Article 5(4) of CDR 2021/1833, the capital employed for carrying out the main business of a group shall be the sum of the total assets of the group minus its short-term debt as recorded in the consolidated financial statements of the group at the end of the relevant annual calculation period.

Firms shall use capital employed on a worldwide basis when calculating the capital test.