Version date: 14 March 2018 - onwards
  Version 9 of 9    

Minimum Capital Requirement Report Notes on Compilation (Depositary)

For the purposes of these Notes, the depositary is referred to as a "Firm".

1. Expenditure Requirement

1.1 The Expenditure Requirement is calculated as one quarter of the Firm's total expenditure taken from the most recent annual accounts.

1.2 Total expenditure includes all expenditure incurred by the Firm. The following may be deducted from the expenditure figure:

(a) Depreciation;

(b) Profit shares, bonuses etc.;

(c) Net losses arising in the translation of foreign currency balances;

(d) Shared commissions paid (other than to officers and staff of the Firm) that have been previously agreed with the Central Bank; and

(e) Exceptional and extraordinary non-recurring expense items which have been previously agreed with the Central Bank.

1.3 All deductions from the total expenditure figure should be either clearly identified in the most recent annual audited accounts or supported with a letter from the auditors confirming the figures.

2. Financial Resources

2.1 A Firm is required to have