4. Requirements for authorisation as authorised benchmark administrator

For the purposes of section 123F(5) of the Act, the corporation must meet the requirement of being able to maintain a base capital of $50,000.

In this regulation, “base capital” means the amount ascertained by 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 any unappropriated profit or loss in the latest audited accounts of the corporation;

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

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

For the purposes of section 123F(5) of the Act, the corporation must meet the requirement of being able to maintain a base capital of $50,000.

In this regulation, “base capital” means the amount ascertained by 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 any unappropriated profit or loss in the latest audited accounts of the corporation;

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

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