(1) For the purposes of PIB Rule 3.7.3, an
Authorised Firm must calculate its relevant Annual Audited Expenditure with reference to the Authorised Firm's most recent audited financial statements.
(2) If the
Authorised Firm's most recent audited financial statements do not represent a twelve month accounting period, it must calculate its Annual Audited Expenditure on a pro rata basis so as to produce an equivalent annual amount.
(3) If an
Authorised Firm has not completed its first twelve months of business operations, it must calculate its Annual Audited Expenditure based on forecast expenditure as reflected in the budget for the first twelve months of business operations, as submitted with its application for authorisation.
(a) If an
(i) has a material change in its expenditure (either up or down); or
(ii) has varied its authorised activities;
it must recalculate its
Annual Audited Expenditure and Expenditure Based Capital Minimum accordingly.
(b) Where an
Authorised Firm has recalculated its Annual Audited Expenditure and Expenditure Based Capital Minimum in accordance with (a), it must submit this recalculation to the DFSA within 7 days of its completion and seek agreement/approval from the DFSA. The DFSA may within 30 days of receiving the recalculation object to the recalculation and require the Authorised Firm to revise its Expenditure Based Capital Minimum.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]