Related provisions for INSPRU 3.2.16

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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
IPRU-INV 5.9.1RRP
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