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BC-2.7.21

Investment firm licensees must close out a retail client's open position if that client has failed to meet a margin call within five business days following the date on which the obligation to meet the call accrues, unless:

(i) The investment firm licensee has received confirmation from a relevant third party (such as a clearing firm) that the retail client has given instructions to pay in full; or
(ii) The investment firm licensee has taken reasonable care to establish that the delay is owing to circumstances beyond the retail client's control.
Amended: January 2007