average total assets

means the recent average of the firm’s total assets calculated as follows:178

1. (1) for a firm within the scope of SYSC 19D.1.1R(1)(a), (1)(b) or (1)(c):178
   1. (a) by identifying the occasions (due dates) in the preceding 36 months by which the firm was required to report its total assets; and178
   2. (b) by calculating the arithmetic mean of the total assets that the firm was required to report on those occasions; or 178
2. (2) for a firm within the scope of SYSC 19D.1.1R(1)(d), by calculating the arithmetic mean of the firm’s total assets on each of the last 3 accounting reference dates.178