PRU 3.7.1

An Authorised Person must calculate its Expenditure Based Capital Minimum as:

(a) in the case of an Authorised Person which holds Client Assets or Insurance Money, 18/52nds;
(b) in the case of an Authorised Person in Category 3B or 3C which does not hold Client Assets or Insurance Money, 13/52nds; or
(c) in the case of an Authorised Person in Category 4, which does not hold Insurance Money, 6/52nds;

of the Annual Audited Expenditure, calculated in accordance with Rule 3.7.2.