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(1) These regulations may be cited as the Securities Investment Business (Financial Requirements and Standards) Regulations 2003. (2) These regulations come into force on 29 July, 2003.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In these regulations unless the context otherwise requires \u2014 \u201cbroker dealer\u201d means a person licensed to engage in one or more activities specified in Schedule 2 (1) (a) of the Law; \u201ccounterparty risk\u201d means the risk exposure of a licensee whose clients or counterparties do not meet their contractual obligations or complete their side of the transaction; \u201cfinancial resources requirement\u201d means the requirement calculated in accordance with Schedule 1 and any relevant guidance issued by the Authority under section 12; \u201cLaw\u201d means the Securities Investment Business Law (2003 Revision); Regulation 3 Securities Investment Business (Financial Requirements and Standards) Regulations 2003 SL 5 of 2003 \u201clicensee\u201d means a person licensed under the Law; \u201cOTC\u201d means over the counter, whereby in relation to any security, the security is not subject to the rules of any exchange; \u201cOTC counterparty\u201d means a counterparty to an OTC transaction; \u201cposition risk\u201d means the exposure of a licensee who maintains positions in securities (either long or short) to the risk that the price of such investments may move against them in the future; \u201cregulatory laws\u201d means any one or more of the \u2014 (a) Banks and Trust Companies Law (2003 Revision); (b) Building Societies Law (2001 Revision), (c) Companies Management Law (2003 Revision); (d) Cooperative Societies Law (2001 Revision); and (e) Insurance Law (2001 Revision); (f) Money Services Law, (2003 Revision); (g) Mutual Funds Law (2003 Revision), and any other laws that may be prescribed by the Governor by regulations made under section 45 of the Monetary Authority Law (2003 Revision); \u201crelevant annual expenditure\u201d means expenditure calculated with reference to the licensee\u2019s most recent accounts, in accordance with Schedule 2 and any relevant guidance issued by the Authority under section 12; \u201csection\u201d means a section of the Law; and \u201csecurities investment business intermediary\u201d means an exchange, clearing house, intermediate broker, settlement agent, market counterparty, custodian or OTC counterparty.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Application of regulations 3. (1) Subject to sub-regulation (2), these regulations apply to all licensees. (2) Where a licensee is subject to financial reporting obligations and requirements by virtue of being a licensee under other regulatory laws the Authority may waive or modify the application of these regulations in respect of that licensee to the extent that, in the opinion of the Authority, appropriate and relevant consolidated financial information is otherwise available and provided. (3) Without prejudice to the generality of section 12(1), the Authority will issue guidance on matters covered by regulations 4, 6 and 9. Securities Investment Business (Financial Requirements and Standards) Regulations 2003 Regulation 4 SL 5 of 2003\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"General requirements 4. A licensee shall maintain adequate financial resources to meet its securities investment business commitments and to withstand the risk to which its business is subject.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Reporting currency 5. A licensee\u2019s reporting currency under these regulations shall be Cayman Islands dollars or United States dollars and a licensee shall not use any other reporting currency without the prior approval of the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Accounting records; internal systems and controls; risk management 6. (1) A licensee shall \u2014 (a) maintain adequate and current accounting records; and (b) maintain internal systems and controls and risk management processes that are adequate for the size, nature and complexity of its securities investment business activities. (2) A licensee shall maintain accounting records which provide accounting information for any period during the 5 years immediately preceding the date on which a licence was first granted to the licensee by the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Reconciliation of licensee\u2019s balances 7. A licensee shall perform reconciliations \u2014 (a) at least once every 5 weeks on all balances with banks or building societies and shall correct any difference forthwith, unless such difference arises solely as a result of identified differences in timing between the records of the licensee and the bank or building society; (b) at least once every 5 weeks, on all balances and positions with securities investment business intermediaries and shall correct any differences by agreement with the relevant intermediary on a timely basis; and (c) at least once every business day, on the licensee\u2019s own margin accounts with securities investment business intermediaries and shall correct any differences by agreement with the relevant intermediary on a timely basis.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Financial Reporting 8. (1) A licensee shall submit to the Authority, in addition to any other financial reporting requirement under the Law or any regulations made under the Law, the following documents and such other supplementary information as the Authority may require \u2014 (a) an auditor\u2019s opinion on the licensee\u2019s internal controls, at the same time as audited accounts are submitted under section 13(2); Regulation 9 Securities Investment Business (Financial Requirements and Standards) Regulations 2003 SL 5 of 2003 (b) in the case of broker-dealers, a monthly reporting statement, and in all other cases, a quarterly reporting statement, in the form of the table in Schedule 1, within 15 business days of the end of the month or quarter to which the statement relates; and (c) annual reconciliation between the balance sheet figures on the annual audited accounts and the monthly reporting statement (or the quarterly statement as the case may be) prepared at the same date, and an explanation of any differences, at the same time as the submission of the audited accounts under section 13(2). (2) Unless the Authority otherwise permits, where the licensee has a subsidiary or subsidiaries, it shall submit the audited accounts of each subsidiary and consolidated audited accounts, together with the annual audited accounts of the licensee itself.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Computation of financial resources 9. (1) A licensee shall calculate its financial resources and its financial resources requirement in accordance with Schedule 1 and any relevant guidance issued by the Authority under section 12. (2) A licensee\u2019s base requirement in Schedule 1 shall be the greater of one quarter of relevant annual expenditure, and \u2014 (a) in the case of broker-dealers, market makers and securities managers, $100,000; and (b) in the case of all other licensees, $15,000. (3) The Authority may require a licensee to adjust its relevant annual expenditure where \u2014 (a) there has been a significant change in the licensee\u2019s circumstances or activities; or (b) the licensee has a material proportion of its expenditure incurred on its behalf by third parties and such expenditure is not fully recharged to the licensee. (4) A licensee shall at all times maintain financial resources in excess of its financial resources requirement. 10. Transactions affecting financial resources 10. A licensee shall \u2014 (a) obtain the written consent of the Authority before seeking to reduce or change the nature of its issued capital, or the rights and obligations of shareholders; (b) report to the Authority the acquisition of 10% or more of the voting shares of another company; and Securities Investment Business (Financial Requirements and Standards) Regulations 2003 Regulation 10 SL 5 of 2003 (c) obtain the prior written consent of the Authority regarding any agreement to sell or merge the whole or any part of the licensee to or with a third party. Securities Investment Business (Financial Requirements and Standards) Regulations 2003 SCHEDULE SL 5 of 2003 SCHEDULE Regulation 9 Financial resources calculation SCHEDULE 2 Securities Investment Business (Financial Requirements and Standards) Regulations 2003 SL 5 of 2003 SCHEDULE 2 Regulation 2 Relevant Annual Expenditure Calculation (a) total revenue; plus (b) any retained losses; less the aggregate of the following items: (c) profit before taxation; (d) guaranteed bonuses; (e) profit shares and other appropriations of profit; (f) commissions shared, other than with employees, directors, or half commission men; (g) fees, brokerage and other charges paid to securities investment business intermediaries for the purposes of executing, registering or clearing transactions; (h) interest payable to counterparties; (i) interest payable on borrowings; and (j) exceptional or extraordinary items, with the prior written approval of the Authority. 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internal systems and controls; risk management ........................................7\n7.\nReconciliation of licensee\u2019s balances .........................................................................................7\n8.\nFinancial Reporting ....................................................................................................................7\n9.\nComputation of financial resources ............................................................................................8\n10.\nTransactions affecting financial resources .................................................................................8\nSCHEDULE\nFinancial resources calculation\nSCHEDULE 2\nRelevant Annual Expenditure Calculation\n\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\nRegulation 1\n\nc\nSL 5 of 2003\nPage 5\n\nCAYMAN ISLANDS\n\nSecurities Investment Business Law\nSECURITIES INVESTMENT BUSINESS\n(FINANCIAL REQUIREMENTS AND\nSTANDARDS) REGULATIONS 2003\n(SL 5 of 2003)\nThe Governor in Council, in exercise of the powers conferred by section 11 of the\nSecurities Investment Business Law (2003 Revision), makes the following regulations \u2014\n1.\nCitation and commencement\n1.\n(1) These regulations may be cited as the Securities Investment Business\n(Financial Requirements and Standards) Regulations 2003.\n(2) These regulations come into force on 29 July, 2003.\n2.\nDefinitions\n2.\nIn these regulations unless the context otherwise requires \u2014\n\u201cbroker dealer\u201d means a person licensed to engage in one or more activities\nspecified in Schedule 2 (1) (a) of the Law;\n\u201ccounterparty risk\u201d means the risk exposure of a licensee whose clients or\ncounterparties do not meet their contractual obligations or complete their side\nof the transaction;\n\u201cfinancial resources requirement\u201d means the requirement calculated in\naccordance with Schedule 1 and any relevant guidance issued by the Authority\nunder section 12;\n\u201cLaw\u201d means the Securities Investment Business Law (2003 Revision);\n\nRegulation 3\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\n\nPage 6\nSL 5 of 2003\nc\n\n\u201clicensee\u201d means a person licensed under the Law;\n\u201cOTC\u201d means over the counter, whereby in relation to any security, the\nsecurity is not subject to the rules of any exchange;\n\u201cOTC counterparty\u201d means a counterparty to an OTC transaction;\n\u201cposition risk\u201d means the exposure of a licensee who maintains positions in\nsecurities (either long or short) to the risk that the price of such investments\nmay move against them in the future;\n\u201cregulatory laws\u201d means any one or more of the \u2014\n(a)\nBanks and Trust Companies Law (2003 Revision);\n(b) Building Societies Law (2001 Revision),\n(c)\nCompanies Management Law (2003 Revision);\n(d) Cooperative Societies Law (2001 Revision); and\n(e)\nInsurance Law (2001 Revision);\n(f)\nMoney Services Law, (2003 Revision);\n(g) Mutual Funds Law (2003 Revision),\nand any other laws that may be prescribed by the Governor by regulations\nmade under section 45 of the Monetary Authority Law (2003 Revision);\n\u201crelevant annual expenditure\u201d means expenditure calculated with reference\nto the licensee\u2019s most recent accounts, in accordance with Schedule 2 and any\nrelevant guidance issued by the Authority under section 12;\n\u201csection\u201d means a section of the Law; and\n\u201csecurities investment business intermediary\u201d means an exchange, clearing\nhouse, intermediate broker, settlement agent, market counterparty, custodian\nor OTC counterparty.\n3.\nApplication of regulations\n3.\n(1) Subject to sub-regulation (2), these regulations apply to all licensees.\n(2) Where a licensee is subject to financial reporting obligations and requirements\nby virtue of being a licensee under other regulatory laws the Authority may\nwaive or modify the application of these regulations in respect of that licensee\nto the extent that, in the opinion of the Authority, appropriate and relevant\nconsolidated financial information is otherwise available and provided.\n(3) Without prejudice to the generality of section 12(1), the Authority will issue\nguidance on matters covered by regulations 4, 6 and 9.\n\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\nRegulation 4\n\nc\nSL 5 of 2003\nPage 7\n\n4.\nGeneral requirements\n4.\nA licensee shall maintain adequate financial resources to meet its securities\ninvestment business commitments and to withstand the risk to which its business is\nsubject.\n5.\nReporting currency\n5.\nA licensee\u2019s reporting currency under these regulations shall be Cayman Islands\ndollars or United States dollars and a licensee shall not use any other reporting\ncurrency without the prior approval of the Authority.\n6.\nAccounting records; internal systems and controls; risk management\n6.\n(1) A licensee shall \u2014\n(a)\nmaintain adequate and current accounting records; and\n(b) maintain internal systems and controls and risk management processes\nthat are adequate for the size, nature and complexity of its securities\ninvestment business activities.\n(2) A licensee shall maintain accounting records which provide accounting\ninformation for any period during the 5 years immediately preceding the date\non which a licence was first granted to the licensee by the Authority.\n7.\nReconciliation of licensee\u2019s balances\n7.\nA licensee shall perform reconciliations \u2014\n(a)\nat least once every 5 weeks on all balances with banks or building\nsocieties and shall correct any difference forthwith, unless such\ndifference arises solely as a result of identified differences in timing\nbetween the records of the licensee and the bank or building society;\n(b) at least once every 5 weeks, on all balances and positions with securities\ninvestment business intermediaries and shall correct any differences by\nagreement with the relevant intermediary on a timely basis; and\n(c)\nat least once every business day, on the licensee\u2019s own margin accounts\nwith securities investment business intermediaries and shall correct any\ndifferences by agreement with the relevant intermediary on a timely\nbasis.\n8.\nFinancial Reporting\n8.\n(1) A licensee shall submit to the Authority, in addition to any other financial\nreporting requirement under the Law or any regulations made under the Law,\nthe following documents and such other supplementary information as the\nAuthority may require \u2014\n(a)\nan auditor\u2019s opinion on the licensee\u2019s internal controls, at the same time\nas audited accounts are submitted under section 13(2);\n\nRegulation 9\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\n\nPage 8\nSL 5 of 2003\nc\n\n(b) in the case of broker-dealers, a monthly reporting statement, and in all\nother cases, a quarterly reporting statement, in the form of the table in\nSchedule 1, within 15 business days of the end of the month or quarter to\nwhich the statement relates; and\n(c)\nannual reconciliation between the balance sheet figures on the annual\naudited accounts and the monthly reporting statement (or the quarterly\nstatement as the case may be) prepared at the same date, and an\nexplanation of any differences, at the same time as the submission of the\naudited accounts under section 13(2).\n(2) Unless the Authority otherwise permits, where the licensee has a subsidiary or\nsubsidiaries, it shall submit the audited accounts of each subsidiary and\nconsolidated audited accounts, together with the annual audited accounts of\nthe licensee itself.\n9.\nComputation of financial resources\n9.\n(1) A licensee shall calculate its financial resources and its financial resources\nrequirement in accordance with Schedule 1 and any relevant guidance issued\nby the Authority under section 12.\n(2) A licensee\u2019s base requirement in Schedule 1 shall be the greater of one quarter\nof relevant annual expenditure, and \u2014\n(a)\nin the case of broker-dealers, market makers and securities managers,\n$100,000; and\n(b) in the case of all other licensees, $15,000.\n(3) The Authority may require a licensee to adjust its relevant annual expenditure\nwhere \u2014\n(a)\nthere has been a significant change in the licensee\u2019s circumstances or\nactivities; or\n(b) the licensee has a material proportion of its expenditure incurred on its\nbehalf by third parties and such expenditure is not fully recharged to the\nlicensee.\n(4) A licensee shall at all times maintain financial resources in excess of its\nfinancial resources requirement.\n10.\nTransactions affecting financial resources\n10. A licensee shall \u2014\n(a)\nobtain the written consent of the Authority before seeking to reduce or\nchange the nature of its issued capital, or the rights and obligations of\nshareholders;\n(b) report to the Authority the acquisition of 10% or more of the voting\nshares of another company; and\n\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\nRegulation 10\n\nc\nSL 5 of 2003\nPage 9\n\n(c)\nobtain the prior written consent of the Authority regarding any agreement\nto sell or merge the whole or any part of the licensee to or with a third\nparty.\n\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\nSCHEDULE\n\nc\nSL 5 of 2003\nPage 11\n\n SCHEDULE\nRegulation 9\nFinancial resources calculation\n\nSCHEDULE 2\nSecurities Investment Business (Financial Requirements and\nStandards) Regulations 2003\n\nPage 12\nSL 5 of 2003\nc\n\nSCHEDULE 2\nRegulation 2\nRelevant Annual Expenditure Calculation\n(a)\ntotal revenue; plus\n(b) any retained losses;\nless the aggregate of the following items:\n(c)\nprofit before taxation;\n(d) guaranteed bonuses;\n(e)\nprofit shares and other appropriations of profit;\n(f)\ncommissions shared, other than with employees, directors, or half commission men;\n(g) fees, brokerage and other charges paid to securities investment business\nintermediaries for the purposes of executing, registering or clearing transactions;\n(h) interest payable to counterparties;\n(i)\ninterest payable on borrowings; and\n(j)\nexceptional or extraordinary items, with the prior written approval of the Authority.\nMade in Cabinet the 22nd day of July,2003\nCarmena Watler\nClerk of Cabinet","akn_extracted_at":"2026-06-22 15:40:08.724346+00","cms_id":"2003-0015","law_type":"subordinate","year":"2003","number":"15","title":"Securities Investment Business (Financial Requirements and Standards) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5209","expr_id":"307","kind":"akn_xml","filename":"2003-0015_SL 15 of 2003.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2003\/2003-0015\/2003-0015_SL 15 of 2003.akn.xml","content_md5":"06f757c7f2b049dc7c4cdc0409241d51","byte_size":"13685","http_last_modified":null,"fetched_at":"2026-06-22 15:40:08.809508+00"},{"file_id":"613","expr_id":"307","kind":"pristine_pdf","filename":"2003-0015_SL 15 of 2003.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2003\/2003-0015\/2003-0015_SL 15 of 2003.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2003\/2003-0015\/2003-0015_SL 15 of 2003.pdf","content_md5":"c514aba6714c2515f22271473ac563e5","byte_size":"516414","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.978729+00"},{"file_id":"614","expr_id":"307","kind":"working_pdf","filename":"2003-0015_SL 15 of 2003.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2003\/2003-0015\/2003-0015_SL 15 of 2003.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2003\/2003-0015\/2003-0015_SL 15 of 2003.pdf","content_md5":"c514aba6714c2515f22271473ac563e5","byte_size":"516414","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.978729+00"}],"paragraph_count":2,"latest_history":null},"quality":{"expr_id":"307","doc_id":"307","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{title_mismatch,truncated_text,page_header_footer_noise,paragraph_numbering_problem,commencement_metadata_problem}","repair_actions":"{collapse_duplicate_text,rebuild_paragraphs,reextract_full_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 2, \"medium\": 3}","finding_summary":"Sample contains citation mismatch, possible truncation, and header\/footer artifacts; human review recommended to reconcile metadata and ensure textual completeness.","assessed_at":"2026-06-22 15:29:46.133872+00","updated_at":"2026-06-22 15:29:46.133872+00"}}