Document ID: chunk:federal_register_of_legislation:F2022L00761:body:0:p2
Version: federal_register_of_legislation:F2022L00761
Segment Type: other
Provision Reference: 
Character Range: 2873–5982

Calculation (including as a component of another calculation), BCAL may make or apply an Alternative FX Position Risk Calculation in respect of that Financial Instrument, other asset or liability in place of the FX Position Risk Calculation.
       (4)          Where a provision of this instrument requires BCAL to provide any document, return or declaration, BCAL may provide such document, return or declaration based on any information or calculation prepared in accordance with this instrument, and any statement by BCAL confirming compliance with the Capital Rules and ASIC Market Integrity Rules (Securities Markets) 2017 shall be construed to be qualified by this instrument.
Note: Other capitalised terms used in this instrument are defined in the Capital Rules.

       Part 2—Waivers

5 Waivers
  Subject to section 6, BCAL does not have to comply with:
           (1)          a provision of the Capital Rules only to the extent that the provision requires BCAL to make or apply an FX Position Risk Calculation (including as a component of another calculation), provided that BCAL instead makes or applies an Alternative FX Position Risk Calculation in respect of that Financial Instrument, other asset or liability in place of the FX Position Risk Calculation;
           (2)          paragraph 9.2.2(1)(b) and subparagraphs 9.2.2(2)(b)(i) and (ii) of the Capital Rules;
           (3)          subparagraph 9.2.2(2)(b)(iii) of the Capital Rules
           (4)          rule 9.2.3 of the Capital Rules;
           (5)          subrule 9.2.4(1) of the Capital Rules; or
           (6)          paragraph 4.3.2(1)(a) of the ASIC Market Integrity Rules (Securities Markets) 2017.

6 Where waivers apply
  The waivers in section 5 apply where all of the following are satisfied:
           (1)          BCAL is a company incorporated in Hong Kong, China;
           (2)          BCAL is licensed by the SFC for Type 1 regulated activity (dealing in securities);
           (3)          BCAL is a Participant of one or more Markets;
           (4)          BCAL acts as a Participant of a Market only as agent on behalf of Barclays PLC or any of its subsidiaries.

7 Conditions
           (1)          It is a condition of the waiver in subsection 5(2) that BCAL must:

            (a)   develop and maintain a Limit (taking into account the historical size of the margin calls received from relevant clearing houses and any available counterparty risk mitigation measures) designed to monitor its Liquid Capital and its Total Risk Requirement;

            (b)   if the Limit maintained in accordance with paragraph (a) is exceeded—immediately prepare a calculation of its Liquid Margin;

            (c)   notify ASIC immediately if the calculation of Liquid Margin performed in accordance with paragraph (b) indicates that BCAL's Liquid Capital divided by its Total Risk Requirement is less than or equal to 1.4;

            (d)   by no later than one Business Day after giving notice to ASIC in accordance with paragraph (c), provide ASIC with an Ad Hoc Risk-Based Return, authorised by a