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Repealed by LN. 2013/198 as from 1.1.2014 - page 46 / 94

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1989-47

Repealed Subsidiary 2007/002

Financial Services (Investment and Fiduciary Services)

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT

(a)

FIRMS) REGULATIONS 2007 long and short positions in assets qualifying for a credit quality step corresponding at least to investment grade in the mapping process described in regulations 28 to 33 of the FSCACI Regulations;

  • (b)

    long and short positions in assets which, because of the solvency of the issuer, have a PD which is not higher than that of the assets referred to under sub-paragraph (a), under the approach described in regulations 34 to 39 of the FSCACI Regulations;

  • (c)

    long and short positions in assets for which a credit assessment by a nominated external credit assessment institution is not available and which meet the following conditions:

(i)

they are considered by the investment firms concerned to be sufficiently liquid;

  • (ii)

    their investment quality is, according to the investment firm’s own discretion, at least equivalent to that of the assets referred to under paragraph (a); and

  • (iii)

    they are listed on at least one regulated market in an EEA State or on a stock exchange in a non-EEA State provided that the exchange is recognised by the competent authority of the relevant EEA State;

  • (d)

    long and short positions in assets issued by investment firms subject to the capital adequacy requirements set out in the FSCACI Regulations which are considered by the investment firms concerned to be sufficiently liquid and whose investment quality is, according to the investment firm’s own discretion, at least equivalent to that of the assets referred to under paragraph

    • (a)

      ; and

(e)

securities issued by investment firms which are deemed to be of equivalent, or higher, credit quality than those associated with credit quality step 2 under the rules for the risk weighting of exposures to investment firms set out in regulations 28 to 33 of the FSCACI Regulations and that are subject to supervisory and regulatory arrangements comparable to those under these Regulations.

The manner in which the debt instruments are assessed shall be subject to scrutiny by the Authority, which shall overturn the judgment of the

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