49.1 A pledge of securities shall be effected in the Central Securities Registry by the Participant maintaining the securities account for the holder, on the basis of an order issued by the holder of such securities, and the pledge transaction containing all relevant information regarding the pledge is entered into the CSDR System on behalf of the client.

49.2 Securities pledged in the Central Securities Registry are identified as pledged to the pledgee, and recorded in the appropriate holder's securities account. Securities pledged may be dealt with, or be subject to any other transfers or movements exclusively in accordance with the instruction issued by the pledgee.