(1) A fund administrator shall have, at all times, own funds that are at least equal to the higher of -
(a) €125,000, or
(b) the fund administrator's expenditure requirement calculated in accordance with Regulation 29.
(2) Subject to paragraph 3, a fund administrator shall calculate its own funds by applying the requirements set out in Regulations 31 to 41.
(3) The amount of own funds referred to in paragraph (1)(a) or the first €125,000 of the amount referred to in paragraph (1)(b) shall comprise only of one or more of those items referred to in Regulation 32(1)(a)-(d).