Financial Services (Investment and Fiduciary Services)
Repealed Subsidiary 2007/002
FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007 losses in going concern situations and in the event of bankruptcy or liquidation ranks after all other claims;
the funds which the investment firm decides to put aside to cover particular risks associated with investment services and activities where that is required by the particular risks;
(ba) instruments other than those referred to in paragraph which meet the requirements of regulations 12(a), (c), (d) and (e) and 12A of the FSCACI Regulations,
less the total of the amount represented by–
the own shares at book value;
the intangible assets specified in article 4(9) of Directive 86/635/EEC;
the material losses of the current financial year.
Assessment of own funds.
9.(1) Subject to sub-regulations (2) to (7) and regulations 10 to 13, the own funds of an investment firm shall be determined in the same manner as the own funds of a credit institution determined in accordance with the FSCACI Regulations.
(2) An investment firm which is required to meet its capital requirement calculated in accordance with regulations 17 and 24 to 28 and Schedules I and 3 to 6, may apply to the Authority to be authorised to use, for that purpose only, an alternative determination of own funds:
Provided that no part of the own funds used for that purpose shall be used simultaneously to meet other capital requirements.
(3) Any alternative determination authorised under sub-regulation (2) shall be the aggregate of the amounts in paragraphs (a) to (c) less, if the Authority so requires it, the amount in paragraph (d) below–
own funds excluding those mentioned in regulation 7(1)(k) to
of the FSCACI Regulation for an investment firm which is required to deduct paragraph (d) from the total of this paragraph and paragraphs (b) and (c);
net trading-book profits net of any foreseeable charges or dividends, less net losses on other business provided that none