13. Regulatory Requirements

As of March 31, 2016, aggregate excess regulatory capital for all of the Operating Companies was $3.8 billion.

IB LLC and TH LLC are subject to the Uniform Net Capital Rule (Rule 15c3‑1) under the Exchange Act and the Commodities and Futures Trading Commission’s minimum financial requirements (Regulation 1.17), and THE is subject to the Swiss Financial Market Supervisory Authority eligible equity requirement. Additionally, IBHK is subject to the Hong Kong Securities Futures Commission liquid capital requirement, THA is subject to the Australian Stock Exchange liquid capital requirement, THLI is subject to the Financial Market Authority Liechtenstein eligible capital requirements, THC and IBC are subject to the Investment Industry Regulatory Organization of Canada risk adjusted capital requirement, IBUK is subject to the U.K. Financial Conduct Authority Capital Requirements Directive, IBI is subject to the National Stock Exchange of India net capital requirements and IBSJ is subject to the Japanese Financial Supervisory Agency capital requirements. The following table summarizes capital, capital requirements and excess regulatory capital.



	Net Capital/
	Eligible Equity		Requirement		Excess

	(in millions)
IB LLC	$	2,618	$	251	$	2,367
TH LLC		342		1		341
THE		637		202		435
Other regulated Operating Companies		688		59		629
	$	4,285	$	513	$	3,772

Regulatory capital requirements could restrict the Operating Companies from expanding their business and declaring dividends if their net capital does not meet regulatory requirements. Also, certain Operating Companies are subject to other regulatory restrictions and requirements.

As of March 31, 2016, all of the regulated Operating Companies were in compliance with their respective regulatory capital requirements.