Regulatory Requirements

6 Months Ended

Jun. 30, 2012

Regulatory Requirements

Note 9 — Regulatory Requirements

Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, the United Kingdom and Australia, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. G&Co is subject to the SEC’s Uniform Net Capital requirements under Rule 15c3-1 (the “Rule”), which specifies, among other requirements, minimum net capital requirements for registered broker-dealers. The Rule requires G&Co to maintain minimum net capital of the greater of $5,000 or 1/15 of aggregate indebtedness, as defined in the Rule. As of June 30, 2012, G&Co’s net capital was $9.1 million, which exceeded its requirement by $8.9 million. G&Co’s aggregate indebtedness to net capital ratio was 0.37 to 1 at June 30, 2012. Certain distributions and other capital withdrawals of G&Co are subject to certain notifications and restrictive provisions of the Rule.

GCI and GCEI are subject to capital requirements of the FSA. Greenhill Caliburn is subject to capital requirements of the ASIC. As of June 30, 2012, GCI, GCEI and Greenhill Caliburn were in compliance with local capital adequacy requirements.