Entire Section

  • PIB 3.13.4 PIB 3.13.4

    For the purposes of PIB Rule 3.13.2(c), an Authorised Firm may include interim or year-end net profits in CET1 Capital before the Authorised Firm has approved its annual audited accounts confirming its final profit or loss for the year, but only where:

    (a) those profits have been reviewed by the External Auditor of the Authorised Firm, who is responsible for auditing its accounts; and
    (b) the Authorised Firm is fully satisfied that any foreseeable charge or dividend has been deducted from the amount of those net profits.
    Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 3.13.4 Guidance

      The review of the interim or year-end profits of the Authorised Firm referred to in PIB Rule 3.13.4 should provide an adequate level of assurance that those profits have been evaluated in accordance with the principles set out in the International Financial Reporting Standards. The DFSA may request an Authorised Firm to provide it with a copy of its external auditor's opinion on whether the interim profits are reasonably stated.

      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]