Regulatory Alerts2024-08-15
Proposed Amendments to Prudential Investment, Insurance Intermediation and Banking Rules
The regulator proposes amendments to the Prudential Investment, Insurance Intermediation and Banking Rules to define terms for Fiat-Referenced Tokens and establish specific capital requirements for Category 3C Authorised Persons. The changes set a base capital requirement of US$2 million for entities issuing Fiat-Referenced Tokens, while adjusting thresholds for those managing collective investment funds based on their retail availability. Additionally, the document updates the calculation methodology for Expenditure Based Capital Minimums, specifying distinct time periods and fractions of annual audited expenditure depending on the nature of the regulated activities and assets held.
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