6. Minimum requirements for approval or recognition

For the purposes of section 9(7) of the Act, the Authority must not approve an applicant as an approved exchange unless the applicant is able to maintain a base capital of $10 million.

[Deleted by S 332/2019 wef 26/04/2019]

In this regulation, “base capital” means the amount calculated from the formula A + B + C – D – E, where —

A is the paid‑up ordinary share capital of the corporation as set out in the latest balance‑sheet of the corporation;

B is the paid‑up irredeemable and non‑cumulative preference share capital of the corporation as set out in the latest balance‑sheet of the corporation;

C is the amount of any unappropriated profit or loss in the latest audited accounts of the corporation;

D is the amount of any interim loss in the latest profit and loss statement of the corporation; and

E is the amount of any dividend that has been declared since the latest audited accounts of the corporation.

For the purposes of section 9(7) of the Act, the Authority must not approve an applicant as an approved exchange unless the applicant is able to maintain a base capital of $10 million.

[Deleted by S 332/2019 wef 26/04/2019]

In this regulation, “base capital” means the amount calculated from the formula A + B + C – D – E, where —

A is the paid‑up ordinary share capital of the corporation as set out in the latest balance‑sheet of the corporation;

B is the paid‑up irredeemable and non‑cumulative preference share capital of the corporation as set out in the latest balance‑sheet of the corporation;

C is the amount of any unappropriated profit or loss in the latest audited accounts of the corporation;

D is the amount of any interim loss in the latest profit and loss statement of the corporation; and

E is the amount of any dividend that has been declared since the latest audited accounts of the corporation.