PIB 3.9C.2

Where an Authorised Firm fails to meet a Capital Buffer Requirement requirement, it must:

(a) calculate the maximum distributable amount in accordance with PIB Rule 3.9C.5;
(b) ensure that it does not undertake any of the following actions until it has calculated the maximum distributable amount and notified the DFSA under PIB Rule 3.9C.6:
(i) make a distribution in connection with CET1 Capital;
(ii) create an obligation to pay variable remuneration or discretionary pension benefits or pay variable remuneration if the obligation to pay was created at a time when the institution failed to meet a Capital Buffer Requirement; or
(iii) make payments on AT1 and T2 Capital instruments.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]
[Amended] DFSA RM209/2017 (Made 25th October 2017). [VER30/01-18]