Document ID: chunk:federal_register_of_legislation:F2024C01107:body:0:p16
Version: federal_register_of_legislation:F2024C01107
Segment Type: other
Provision Reference: 
Character Range: 42574–45612

of a Financial Instrument, means the Financial Instrument meets the following criteria:
(a)        there are genuine independent offers from third parties to the Market Participant;
(b)       prices or rates exist that closely approximate the last sale price or rate in the Financial Instrument (whether exchange traded or over-the-counter);
(c)        payment/settlement can be effected within the settlement conventions applicable to the Financial Instrument; and
(d)       there is sufficient liquidity in the market to ensure a ready sale of the position held.
Liquid Capital means the sum of:
(a)        Core Capital;
(b)       cumulative Preference Shares;
(c)        Approved Subordinated Debt; and
(d)       revaluation reserves other than Financial Asset and Liability Revaluation Reserves;
less the sum of:
 1.         Excluded Assets; and
 1.         Excluded Liabilities.
Liquid Margin means the amount calculated by deducting the Total Risk Requirement amount from the amount of Liquid Capital.
Loan Securities means:
(a)        debentures, stocks or bonds issued or proposed to be issued by a government; or
(b)       debentures of a body corporate or an unincorporated body; or
(c)        redeemable preference shares which have a fixed and certain date for redemption, other than shares having a participating entitlement to rights or options referred to in paragraphs (c) and (d) of the definition of Equity Securities; or
(d)       interests in a managed investment scheme, relating to a financial or business undertaking or scheme, common enterprise or investment contract, the trustee or representative or responsible entity of which only invests in or acquires one or more of Loan Securities, mortgages and cash; or
(e)        in relation to a Market, any Securities which are determined to be Loan Securities by the operator of the Market on which those Securities are able to be traded in accordance with the operating rules of the Market,
but does not include Options Market Contracts or, in relation to a Market, Securities determined to be Equity Securities by the operator of the Market where those financial products are able to be traded in accordance with the operating rules of the Market.

Managed Fund means:
(a)        a managed investment scheme which is a registered managed investment scheme pursuant to section 601EB of the Corporations Act or a managed investment scheme which ASIC has exempted from those registration requirements; or
(b)       a foreign company which has the economic features of a managed investment scheme, namely:
(i)         investors contribute money or money's worth to acquire rights to benefits produced by the collective investment;
(ii)       contributions of investors are to be pooled, or used in a common enterprise, to produce financial benefits, or benefits consisting of rights or interests in property, for investors holding financial products in the collective investment; and
(iii)     investors holding financial products issued in the collective investment do