PRU 3.6A.1

Past version: effective from 09/11/2020 - 08/11/2020
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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.