23 . NET CAPITAL REQUIREMENTS

The U.S. broker-dealer subsidiaries of the Company are subject to the net capital provision of Rule 15c3-1 under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein. As of December 31, 2013, the Company had the following two U.S. broker-dealers: JVB and CCPR.

In January 2014, the Company merged CCPR into JVB, resulting in the Company having one broker-dealer subsidiary in the United States operating under the JVB brand.

CCFL, a subsidiary of the Company regulated by the Financial Conduct Authority (formerly known as the Financial Services Authority) in the United Kingdom, is subject to the net liquid capital provision of the Financial Services and Markets Act 2000, GENPRU 2.140R to 2.1.57R, relating to financial prudence with regards to the European Investment Services Directive and the European Capital Adequacy Directive, which requires the maintenance of minimum liquid capital, as defined therein.

The following table shows the actual net capital (in the case of the JVB and CCPR) and actual net liquid capital (in the case of CCFL) as compared to the required amounts for the periods indicated:



Statutory Net Capital Requirements
(Dollars in thousands)
	As of December 31, 2013
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	7,470	$	188	$	7,282
CCPR		18,566		250		18,316
CCFL		2,593		2,198		395
Total	$	28,629	$	2,636	$	25,993


	As of December 31, 2012
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	10,833	$	144	$	10,689
CCPR		17,846		250		17,596
CCFL		5,864		2,887		2,977
Total	$	34,543	$	3,281	$	31,262