. NET CAPITAL REQUIREMENTS

JVB is subject to the net capital provision of Rule

15c3

under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein.

CCFEL, a subsidiary of the Company regulated by the CBI is subject to certain regulatory capital requirements in accordance with the Capital Requirements Regulation

575/2013

and applicable CBI requirements.

December 31, 2019

CCFL, a subsidiary of the Company regulated by the FCA, was subject to the net liquid capital provision of the Financial Services and Markets Act

2000,

GENPRU

2.140R

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. CCFL cancelled its FCA license on

November 25 2020;

therefore it was

not

subject to maintain a minimum liquid capital as of

December 31, 2020.

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

STATUTORY NET CAPITAL REQUIREMENTS
(Dollars in thousands)

	As of December 31, 2020
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	66,803	$	250	$	66,553
CCFEL		2,023		707		1,316
Total	$	68,826	$	957	$	67,869

	As of December 31, 2019
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	58,821	$	565	$	58,256
CCFEL		2,246		948		1,298
CCFL		543		182		361
Total	$	61,610	$	1,695	$	59,915