15. Minimum financial requirements

For the purposes of section 8(1)(b) of the Act, the applicant shall meet the following minimum financial requirements for the grant of a financial adviser’s licence:

in the case of an applicant which intends to carry on or which, as a licensed financial adviser, is carrying on, a business of providing any or all of the following financial advisory services:

advising others (other than in the manner specified in sub-paragraph (ii)), either directly or through publications or writings, and whether in electronic, print or other form, concerning —

futures contracts;

spot foreign exchange contracts; or

OTC derivatives contracts the value of which is determined by reference to, is derived from, or varies by reference to —

the value or amount of one or more currencies; or

fluctuations in the values or amounts of one or more currencies or currencies indices;

advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning —

futures contracts;

spot foreign exchange contracts; or

OTC derivatives contracts the value of which is determined by reference to, is derived from, or varies by reference to —

the value or amount of one or more currencies; or

fluctuations in the values or amounts of one or more currencies or currencies indices,the paid-up capital of the applicant is not less than $300,000 or, where the applicant is a foreign company, its net head office funds are not less than $300,000; or

in any other case, the paid-up capital of the applicant is not less than $150,000 or, where the applicant is a foreign company, its net head office funds are not less than $150,000.