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OFS-1.8.4

Where an issue of asset-backed securities is backed by equity securities:

(a) Those securities must be listed on an exchange;
(b) The equity securities must represent minority interests in and must not confer legal or management control of the companies issuing the equity securities; and
(c) Where options or conversion rights relating to equity securities are used to back an issue, these requirements apply in respect of the securities resulting from the exercise of those options or rights.
January 2014