• PRU 3.6A.1 PRU 3.6A.1

    Subject to Rule 3.6A.7, an Authorised Person with a Financial Services Permission enabling it to carry on the Regulated Activity of Providing Money Services must calculate the Capital Requirement for each activity it undertakes as the highest of:
    (a) the applicable Base Capital Requirement as set out in Section 3.3; and
    (b)
    (i) where it undertakes currency exchange the Expenditure Based Capital Minimum as set out in Section 3.7;
    (ii) for a Money Remitter:
    (A) the Expenditure Based Capital Minimum as set out in Section 3.7; and
    (B) the Variable Capital Requirement calculated in accordance with Rule 3.6A.2;
    (iii) for a Payment Account Provider the Variable Capital Requirement calculated in accordance with Rule 3.6A.4; or
    (iv) for a Stored Value Provider the Variable Capital Requirement calculated in accordance with Rule 3.6A.6.

    • Guidance

      Where an Authorised Person undertakes two or more of the activities under the Regulated Activity of Providing Money Services at the same time, Rule 3.6A.6 specifies how the overall Capital Requirement for those activities should be calculated.