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503

A financial institution which does not meet the capital requirements in Rule 502(1) must:—

(1) have its obligations under the issue guaranteed by another financial institution which meets the requirements in Rule 502; or
(2) fully collateralize the whole issue and deposit the underlying securities with an independent trustee, custodian or depository approved by the Exchange on terms that adequately protect the interests of the warrantholders; or
(3) have a long term rating of investment grade or its equivalent from a recognised credit rating agency.