PRU 3.3 PRU 3.3 Base Capital Requirement
This Section applies to an Authorised Person in any Category.
PRU 3.3.2The 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; orb) 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
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.