1. A Payment Service Provider shall hold and maintain at all times aggregate capital funds that do not fall below the initial capital requirements laid down in Article (6), taking into consideration the applicable License category.
    
2. The Central Bank may impose aggregate capital funds requirements higher than the ones referred to in paragraph (1) if, taking into consideration the scale and complexity of the Payment Service Provider’s business, it considers such higher requirements essential to ensuring that the Payment Service Provider has the ability to fulfil its obligations under this Regulation.
    
3. Where the monthly average value of Payment Transactions calculated in accordance with Article (6) (3) exceeds the Payment Transaction threshold of ten (10) million Dirhams in (3) consecutive months, Payment Service Providers shall report this fact to the Central Bank and become automatically subject to the higher aggregate capital funds requirements determined by the Central Bank under paragraph (2).
    
4. The aggregate capital funds referred to in paragraph (1) shall be comprised of one or more of the capital items provided for in paragraphs (5) and (6).
    

Capital Items

5. A Payment Service Provider’s aggregate capital funds shall consist of:
    
   1. 5.1. Paid-up capital;
       
   2. 5.2. Reserves, excluding revaluation reserves; and
       
   3. 5.3. Retained earnings.
       
6. The following items shall be deducted from the aggregate capital funds:
    
   1. 6.1. Accumulated losses; and
       
   2. 6.2. Goodwill.