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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2023 - onwards
  Version 3 of 3    

Regulation 43 Fund administrator eligible assets

Revoked from 1 July 2023

(1) A fund administrator shall have, at all times, an amount of eligible assets at least equal to its own funds requirement, with eligible assets satisfying the criteria in paragraph (2) and the amount of eligible assets calculated in accordance with paragraph (3).

(2) In order for assets to be classified as eligible assets they shall meet the following criteria:

(a) be easily accessible and free from any liens or charges and maintained outside the fund administrator's group;

(b) be held in an account that is separate to the account or accounts used by the fund administrator for the day to day running of its business.

(3) eligible assets are calculated by subtracting the following items from total assets:

(a) fixed assets;

(b) intangible assets;

(c) cash or cash equivalents held with group entities;

(d) debtors;

(e) bad debt provisions;

(f) prepayments;

(g) gross intercompany assets;

(h) loans;

(i) investment funds which are not daily dealing;

(j) investment funds promoted by othe

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