3.1 An investment intermediary must at all times be in a position to meet its financial obligations in full as they fall due.
3.2 An investment intermediary must at all times maintain a positive net asset position. Goodwill and other intangible assets are to be excluded from the calculation of a firm's balance sheet assets for regulatory reporting purposes [A transitional arrangement will apply to firms that hold qualifying goodwill as at 30 September 2014. Such qualifying goodwill must be verified by an auditor as representing the net present value of future cash flows arising from existing investment instruments. This arrangement will allow these firms a maximum of 5 years to reduce their goodwill, with the firm's first write off being included in their financial accounts from 1 April 2015 (annual return due to be submitted by end - October 2015). Any impairment of goodwill must be written off immediately and in full. Failure to submit the firm's Annual Return on or before the due da
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