Related provisions for IPRU-INV 12.2.2
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A firm'sfinancial resources requirement will be recalculated annually when its fourth quarterly financial return is prepared. The firm must maintain financial resources sufficient to meet its new financial resources requirement from the date on which the fourth quarterly financial return is prepared and no later than 80 business days after the firm’saccounting reference date. The expenditure based requirement applicable at the accounting reference date will be based on the four
Glossary of defined terms for Chapter 9Note: If a defined term does not appear in the glossary below, the definition appearing in the HandbookGlossary applies. approved exchangemeans an investment exchange listed as such in Appendix 33 to IPRU-INV 3.exchangemeans a recognised investment exchange or designated investment exchange.initial capitalmeans the initial capital of a firm calculated in accordance with section 9.3.intangible assetsthe full balance sheet value of a firm's
1Liquid Capital Requirement = Initial Capital Requirement + Capital Surcharge Calculation of Initial Capital Requirement ICR = (√AUA) x K1 WhereICRmeans Initial Capital RequirementAUAmeans Assets Under Administration calculated as the sum of the most recent annual valuations over the preceding 12 months of the personal pension schemes administered by the firm, and adjusted to include any revaluation of assets that may occur between the date of the most recent annual valuation