FER 3.2.2

(1) For the purposes of FER Rule 3.2.1 and subject to (2), "expenditure" means:
(a) in the case of an Authorised Firm which is a Domestic Firm and to which PIB applies, its annual expenditure calculated as the sum of the amounts entered in its PIB regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFC including business carried on through a branch in another jurisdiction;
(b) in the case of an Authorised Firm which operates in the DIFC through a Branch and to which PIB applies, its annual expenditure calculated as the sum of the amounts entered in its PIB regulatory return in respect of "administrative expenses", "depreciation" and "other operating expenses" in relation to business carried on in or from the DIFC; and
(c) in the case of an Authorised Firm to which PIN applies, its annual expenditure as set out in its IN100 or IN30 Annual Regulatory Return, as the case may be, in respect of business carried on in or from the DIFC including, in the case of a Domestic Firm, business carried on through a branch in another jurisdiction;
for the last financial year for which the Authorised Firm has submitted regulatory returns to the DFSA.
(2) If the last financial year referred to in (1) was not twelve months in duration, the expenditure figure shall be increased or decreased on a pro rata basis to produce an equivalent twelve month figure.

Derived from DFSA RM52/2007 (Made 1st December 2007). [VER1/12-07]
[Amended] DFSA RM141/2014 (Made 21st August 2014). [VER8/06-14]
[Amended] DFSA RM167/2016 (Made 10th February 2016). [VER12/04-16]
[Amended] DFSA RM207/2017 (Made 14th June 2017). [VER16/01-18]