- (1)
This rule applies to a firm which:
- (a)
carries on:
- (i)
- (ii)
home finance mediation activity1(or both); and
1
- (b)
in relation to those activities, holds client money or other client assets;
- (a)
but is not carrying on home financing1orhome finance administration1.
1111- (2)
In calculating its capital resources, the firm must exclude any amount by which the aggregate amount of its subordinated loans and its redeemable preference shares exceeds the amount calculated as follows:
four times (a - b - c); |
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where: |
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a |
= |
items 1 to 5 in the Table of items which are eligible to contribute to a firm's capital resources (see MIPRU 4.4.2 R) |
b |
= |
|
c |
= |
the amount of its intangible assets (but not goodwill until 14 January 2008 - see transitional provision 1). |