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Guidance

1. Pursuant to Section 3.6 an Authorised Person in Category 3B, 3C or 4 should hold sufficient total Capital Resources of the quality required to meet its Capital Requirement, whether that is the Base Capital Requirement or the Expenditure Based Capital Minimum.
2. The Capital Resources should comprise a minimum of CET1 Capital equal to the relevant Base Capital Requirement for the Category to which the Authorised Person belongs.