Regulatory Requirements

3 Months Ended

Mar. 31, 2021

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Requirements

Regulatory Requirements

CSS, a registered broker-dealer in the U.S., is subject to the SEC's Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker-dealers maintain a minimum level of net capital, as prescribed by the Rule. At March 31, 2021, CSS had net capital of approximately $3,847,000, which exceeded its requirement by approximately $3,577,000. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and has no possession or control obligations under SEA Rule 15c3-3(b) or reserve deposit obligations under SEA Rule 153-3(e).

CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At March 31, 2021, CSAL had regulatory capital of approximately $6,773,000, which exceeded its minimum regulatory capital requirement by approximately $6,387,000.

CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At March 31, 2021, CSUK had regulatory capital of approximately $33,273,000, which exceeded its minimum regulatory capital requirement by approximately $27,932,000.

CSIL is subject to regulation by the Central Bank of Ireland. At March 31, 2021, CSIL had regulatory capital of approximately $2,932,000, which exceeded its minimum regulatory capital requirement by approximately $2,613,000.

CSJL is registered with the Financial Services Agency of Japan and the Kanto Local Finance Bureau and is subject to the Financial Instruments and Exchange Act. In accordance with its license, CSJL is required to maintain regulatory capital, as defined, of approximately $453,000. At March 31, 2021, CSJL had stated capital in excess of this requirement.