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Repealed by LN. 2013/198 as from 1.1.2014 - page 58 / 94

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1989-47

Financial Services (Investment and Fiduciary Services)

Repealed Subsidiary 2007/002

FINANCIAL SERVICES (CAPITAL ADEQUACY OF INVESTMENT FIRMS) REGULATIONS 2007 the highest capital requirement for position risk (general and specific), and then continues making investments in descending order until the maximum total investment limit is reached. The position in the CIU will be treated as a direct holding in the assumed position;

  • (b)

    investment firms shall take account of the maximum indirect exposure that they could achieve by taking leveraged positions through the CIU when calculating their capital requirement for position risk, by proportionally increasing the position in the CIU up to the maximum exposure to the underlying investment items resulting from the mandate; and

  • (c)

    should the capital requirement for position risk (general and specific) according to this paragraph exceed that set out in paragraph 48, the capital requirement shall be capped at that level.

56. Investment firms may rely on a third party to calculate and report capital requirements for position risk (general and specific) for positions in CIUs falling under paragraphs 53 and 55, in accordance with the methods set out in this Schedule, provided that the correctness of the calculation and the report is adequately ensured.

© Government of Gibraltar (www.gibraltarlaws.gov.gi)

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