CA-3.1.3
Items that could be reduced or eliminated within a short period for the purposes of Rule CA-3.1.2 are:
(a) Bonuses paid out of the relevant year's profits which have not been guaranteed;
(b) Profit shares and other appropriations of profit, except for fixed or guaranteed remuneration which is payable even if the investment firm licensee makes a loss for the year;
(c) Paid commissions shared, other than to employees or Directors of the investment firm licensee ;
(d) Fees, brokerage and other charges paid to clearing houses, clearing firms, exchanges, and intermediate brokers for the purposes of executing, registering or clearing transactions;
(e) Interest payable to counterparties; and
(f) Interest payable on borrowings to finance the investment firm licensee's investment firm and associated firm.
Amended: October 2013
Amended: January 2007
Amended: January 2007