Intermediary regulations amended to add failures to meet net worth, revenue, and activity segregation requirements. The amendment inserts a new clause in regulation 30A(1) treating as non compliance a person which fails to: (i) meet the specified criteria of minimum net worth or the minimum liquid net worth requirements; (ii) meet the criteria for minimum revenue generation from permitted activities, subject to exemptions as may be specified by the Board; (iii) transfer activities, as may be specified by the Board, to a separate business unit. The regulations come into force thirty days after publication in the Official Gazette.
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Intermediary regulations amended to add failures to meet net worth, revenue, and activity segregation requirements.
The amendment inserts a new clause in regulation 30A(1) treating as non compliance a person which fails to: (i) meet the specified criteria of minimum net worth or the minimum liquid net worth requirements; (ii) meet the criteria for minimum revenue generation from permitted activities, subject to exemptions as may be specified by the Board; (iii) transfer activities, as may be specified by the Board, to a separate business unit. The regulations come into force thirty days after publication in the Official Gazette.
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