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  • PRU 3.3 PRU 3.3 Base Capital Requirement

    • PRU 3.3.1

      This Section applies to an Authorised Person in any Category.

    • Guidance

      The Base Capital Requirement is a component of the calculation of the Capital Requirement under Sections 3.4 and 3.6.

    • PRU 3.3.2

      The table below sets out the Base Capital Requirement for each Category of Authorised Persons.
      Category Base Capital Requirement (US $)
      1 10 million
      2 2 million
      3A 500,000
      3B 4 million
      3C 250,000, except where an Authorised Person has a Financial Services Permission only to carry out the Regulated Activity of Managing a Collective Investment Fund, in which case the Base Capital Requirement is the higher of:
      a) 150,000 if the Authorised Person manages a Public Fund or any other type of fund that is available to retail customers; or
      b) 50,000 otherwise.
      4 10,000, except where an Authorised Person has a Financial Services Permission to carry out the Regulated Activity of Operating a Private Financing Platform and holds Client Assets, in which case the Base Capital Requirement is 150,000.
      5 10 million

       

    • PRU 3.3.3

      An Authorised Person must have Common Equity Tier 1 Capital (CET1 Capital), as defined in Section 3.10, of not less than its relevant Base Capital Requirement at the time that it obtains authorisation and at all times thereafter.