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PIB A4.11.15

An Authorised Firm must calculate the value of an Exposure to the Issuer of a Security which is held in the Authorised Firm'sNon-Trading Book as the sum of the excess, where positive, of the book value of all long positions over all short positions (the net long position), for each identical instrument issued by that Issuer.

Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]