The Securities (Conduct of Business) Regulations 1999

THE SECURITIES (COKDUCT OF BUSIVESS) REGULATIONS. 1999 acquisition, give written notice to the Commission providing all relevant facts to enable the Commission to determine if the acquisition- (a) will result in a conflict of interest; (b) will prevent a licensee from complying with the conditions of his licence; (c) is inconsistent with an adequate level of investor protection; or (d) is otherwise prejudicial to the public interest. (2) The acquisition shall not take effect if, within thirty days of receipt of a notice under paragraph (I), the Commission gives notice in writing to the licensee concerned (hereinafter referred to as a notice of objection) that it objects to the proposed acquisition. (3) Where the Commission issues a notice ofobjection under paragraph (2), it shall afford the licensees concerned an opportunity to be heard. (4) After hearing the licensees the Commission may, if satisfied that the acquisition can be approved, cancel the notice of objection and notify the licensees of such cancellation and of its approval of the acquisition. (5) Paragraph (I) does not apply to a licensee who, alone or in combination with any other person, proposes to acquire securities which together with the securities already beneficially owned by that licensee or over which that licensee exercises control or direction, do not exceed 5% of any class or series of securities of any licensee that is a listed company on a stock exchange in Jamaica.
PART 11 1. DealerElient Relationship
8.-41) Every licensed dealer shall designate an officer or, in the case of a branch office, a manager reporting directly to the designated officer, who shall be responsible for approving the opening of new client accounts and the supervision of trades made for the clients. (2) Every licensed dealer shall- (a) make enquiries to establish the identity, reputation and where applicable, the creditworthiness of each client; (b) ensure that all portfolios under management have a Request For Proposal completed and signed by each client; (c) ensure that the Request For Proposal clearly states the kind of authority given to the portfolio manager by the client, such as- (i) full discretion (client grants full authority without consultation); (ii) partial discretion (client must be contacted before execution of any tradeltransaction); (iii) custody (no discretion to trade. Assets are for safe￾keeping and reporting only); and [The inclusion of' rhis page is ilirthor~zed by L N 102/2001]

THE .SECURITIES K'ONDOCT OF BUS1,YESS) REGU1.A T1O:VS. 1999 (4 ensure that the Request For Proposal explicitly states the risk appetite of the client, such as- (i) aggressive (high risk); (ii) medium (medium risk); (iii) conservative (low risk), and that each strategy employed by the portfolio manager fits one of the above categories. (3) Paragraph (2) (h) does not apply to a licensed dealer who executes a trade on the instructions of another licensed dealer. (4) Where an account is opened and traded on behalf of a client or clients by a dealer who executes orders with another dealer in its own name or identifies its client or clients by means of a code or symbols, that other dealer shall satisfy itself as to the creditworthiness of the first mentioned dealer but shall not otherwise have any responsibility for the suitability of any trade for the client or clients of that dealer. (5) Where dealer A executes orders in the name of its client with dealer B with no agreement that payment of the account is guaranteed by the investor, dealer A shall- (a) obtain full information concerning the client with a view to determining the client's creditworthiness: or (b) obtain a letter of undertaking from a registered dealer's or investment adviser's representative of dealer B- (i) stating that the representative is familiar with applicable rules of account supervision; (ii) containing a covenant to make the investigation required by this regulation and to advise, where known, if the client is an insider or an employee, director or officer of a company or a partner in a firm engaged in the securities business, but dealer A shall .lot have responsibility for determining the suitability of any trade for the client. 9.-(1) Every licensee shall maintain standards which are not inconsistent with the provisions of the Act or any regulations made thereunder, in relation to- (a) ensuring fairness in the allocation of investment opportunities among its client; and (6) ensuring that no trade is conducted on the dealer's own behalf or on behalf of selected clients when the dealer is in possession of material information that has not yet been made public. First (2) Licensees and their representatives shall where applicable adopt the Schedtle. standards of professional conduct contained in the First Schedule. [The inclusion of this page is authorized by L N 102/?001]

THE SECURITIES (CONDUC'7'OF RlIS/NESS) REGULATlONS / 999 (3) A copy of the standards adopted shall be furnished to each client and filed with the Commission. (4) Every licensee shall ensure that- (a) the account of each client is supervised separately from the accounts of other clients; and (b) except in the case of mutual funds, unit trust or pension funds, or as expressly permitted by the Commission, an order placed on behalf of one account is not pooled with that of another account. (5) Where- (a) there has been a material change in the ownership or control of a licensee; or (b) it is proposed that a licensee sell or assign the account of a client in whole or in part to another licensee, the licensee shall, prior to such sale or assignment and immediately after such material change, give a written explanation to the client of the proposal or change and shall inform the client of the client's right to withdraw the client's account. (6) In paragraph (5), "material change" means the acquisition of 10% of the voting shares of a licensee or a 10% increase in the holdings of a licensee. 10.+1) Where there is a debit or credit balance or securities held by a dealer on behalf of a client, the dealer shall send a statement of account to each such client at the endofeach month in which the client has effected a transaction. (2) Where a client has not effected a transaction but there are either funds or securities held by the dealer on a continuing basis, the dealer shall, not less than once every three months, forward a statement of account to the client showing any debit or credit balance and the details of any securities held. (3) The statement required by paragraph (])or (2) shall contain a list of the securities held for the client and indicate clearly which securities are held for safekeeping or in segregation. (4) Except where the client has expressly directed otherwise, every dealer shall send to each client, not less than once every three months, a statement of the portfolio of such client under the dealer's management. 1 1 .+I) Securities that are held by a dealer for a client pursuant to a written safekeeping agreement and that are unencumbered shall be kept apart from all other securities and be identified as being so held in the dealer's security position record, client's ledger and statement of account. (2) Securities referred to in paragraph (1) may be released to a third party only on the client's instruction. (3) Securities which are unencumbered and are either fully paid for or are excess margin securities held by a dealer for a client, other than pursuant to a written safekeeping agreement shall be- (a) segregated and identified as being held in trust for the client; and [The ~nclusion of this page 1s authorized by L N 102/2001]

THE SECURITIES (CONDUCTOF BUSINESS) REGULATI0,V.Y. 1993 (b) described as being held in segregation on the dealer's security position record, client's ledger and statement of account. (4) Securities described in paragraph (I) may be segregated in bulk. (5) A dealer, or investment adviser shall not lend a client's securities unless- (a) the client has given written permission for such lending; (b) instructions for the lending of securities form part of a written safekeeping agreement; or (c) the securities are lent from the segregated or proprietary positions of the dealer or investment adviser, and any fees gained From the lending of securities shall be shared with the client from whose portfolio the securities are lent. (6) Fails shall not be outstanding for more than thirty days. (7) If the fails cannot be settled between the brokers within thirty days, the broker failing to receive may "Buy-In" the broker failing to deliver. (8) Short sales may only be transacted by licensees having the creditworthiness and liquid assets to cover such trades in the event that the market moves in an unfavourable direction. 12.-(1) Every licensee shall maintain books and records necessary to record properly its business transactions and financial affairs. (2) All records may be kept by means of mechanical, electronic or other devices and the licensee shall- (a) take adequate precautions, appropriate to the means used, to guard against the risk of falsification of records and breach of confidence regarding the information recorded; and (b) provide a means for making the information available in an accurate and intelligible form within areasonable time to any person lawfully entitled to examine the records. (3) Without restricting the generality of paragraph (I), a licensee shall maintain each of the following books and records- (a) stock records of original entry, containing an itemized daily record of all purchases and sales of securities; (13) records of- (i) all receipts and disbursements of cash; (ii) all debits and credits; (iii) the account for which each transaction was effected; (iv) the name or title or both, of the securities; (v) the class or designation of the securities; [The inclusion of this page is authorized by L N 102/2001]

THE SECURIUES (CONnUCT OFIdUSlRrESS) REGULATIONS, 1999 (4) Records relating to unexecuted orders or instructions as prescribed in paragraph (3) V) and confirmations prescribed in paragraph (3) (g), shall be maintained for a period of at least two years. (5) Documents relating to executed orders or instructions as prescribed in paragraph (3) V), shall he maintained for a period of at least seven years and shall be kt in a readily accessible location for the fmt two years ofthat period. (6) Every licensee shall maintain the location of its book and words in Jamaica.
PART IV. Periodiml Reporting and Accounts
13.+1) Every company licensed as a dealer or investment adviser sllall file with the Commission annual reports in the form specified as Form "PR.A" in the Third Schedule within ninety days &er the end of the dealer's financial ,, Yea. Schedule (2) Amd audited financial statements, prepared in accordance with the provisions of the Companies Act must be filed with the annual report. (3) A Management's Discussion and Analysis of Financial Condition and Results of Operations must be filed with the analual report, and shall include the following information- (a) the constitution of liquid funds; (h) the amount of funds under management; (c) a list of current liabilities owed to clients; (4 a statement as to the value of its investments being held in subsidiaries or associated companies. 14.-(1) Every company licensed as a dealer or investment adviser shall file with the Commission quarterly reports in the fin pecifi ed as Form "PRQ" F,&, in the Fourth Schedule. Scm (2) The reports referred to in paragraph (1) shall be filed within forty-five days after the end of the dealer's financial quarters, but no qimrterly report need he filed for the fourth quarter of any financial year. (3) The following shall he filed with the quarterly reports- (a) qimrterly financial statements accompanied by a certificate signed by- (i) the dealer if he is a sole practitioner; or (ii) the qualifying dimtor or two registered representatives if the dealer is a company or partnership, stating that to their best knowledge and belief the statements filed accnwtely reflect the financial state of the dealer; (h) a Management's Discimssion and Analysis of Financial Condition and Resulls of Operations including the folloning information- (i) the constitution of liquid fimds; (ii) the amount of fimnds under management; (iii) a list of current liabilities owed to clients; (iv) a statement as to the value of its investments -- ----.A [The ~nclm~on ol tli~s page 15 dutlior~red by L N 33AI2005l

being held in subsidiaries or associated companies.
15. Every individnal or partnership licensed as a dealer or investment
adviser shall file with the Comnussion-
(a) anmd reports. annual audited financial statements. qnarterly reports and qr~mterly financial statements as required for companies under regulation 14; or (h) a sworn statcmcnt indicating that the individl~~l licensee has not tr,ulsacted secllrities business; and (c) pmof of continuing to mcct nct worth rcquircmcnts. 1 5A. [Dclctcd hj! I,. .V. IM./,3011_3]
16. Evcry liccnscc shall-
(a) within thirty days aftcr cach annivcrsar)r of thc gxnt of his licence file with the Conmission- (i) a valid tax compliance ccrtificatc; (ii) a currcnt listing of directors; (iii) a current list of partners; (iv) a current list of all holders of ovcr tcn per ccnt of any class of licensee's shares; (r) a current list of all rcprcscntativcs:
(vi) n current list of branches;
(h) ensure thnt-
(i) an ann1~11 crcdit rcport is submittcd dircctly to thc Commission by thc liccnscc's bank:
(ii) an annual statcmcnt on pcnding or outstanding litigation against thc liccnscc is submittcd dircctly to thc Commission by thc liccnscc's attorney-at-law.
17. Liccnsccs shall rcport to thc Commission any changc in thc liccnscc's
auditors within fivc busincss days of thc changc and shall indicatc-- (a) thc rcason for thc changc of auditors:
(h) whcthcr thc auditor's rcport for cithcr of thc past two ycars includcd an advcrsc opinion or disclaimer of opinion: or (c) whcthcr thcrc wcrc disagrccmcnts with thc formcr auditor on any mattcr of accounting pnnciplcs or practiccs. financial statcmcnt disclowrc, or auditing scopc or proccdnrc, which if not rcsolvcd to the satisfaction of the former auditor, would have caused hinl lo rnakc rcfcrcncc lo tl~c subjcct lnallcr of tl~c disagrccrncnt in conncction with lhc rcport. P.L\RT V. Display rf1,iccnc~e.s and Cc.rtiJico/e.s rfRcgistrdioi7
18. Evcry liccnscc shall display to lhc public conspicr~ousl al lhcir
rcspcctivc p1;rccs of bnsincss-
(a) lhc liccr~cc issucd to the dcirlcr or ir~vcstrncnl irdciscr hy tlic Conmission; and rl~e inclusion of this page is autliorized by L.N. 33A12005]

THE SECURITIES (CONDUCT OF BUSINESS) REGULATIONS, 1999 (6) the certificates of registration issued to the registered representatives of the dealer or investment adviser.
PART VI. Inspection, Audit and Investigations
19. The authorized officers ofthe Commission shall beempowered to conduct
such inspections, audit or investigations at the offices of all licensees as may be required to ensure compliance with the Act and these Regulations.
20. Every licensee shall ensure that full co-operation is rendered and all
requested information supplied to the authorized officers of the Commission in carrying out inspections, audits or investigations. 2 1. A person who contravenes any provisions ofthese Regulations commits an offence and shall be liable on summary conviction before a Resident Magistrate to a fine not exceeding fifty thousand dollars or to imprisonment for a term not exceeding two years or to both such fine and imprisonment. FIRST SCHEDL~LE (Regulation 9) Standards oj'Prqfissiona1 Conduct Licensees shall- (I) Establish a Compliance Department to monitor compliance with the Securities Act and these Regulations. The Compliance Department must also monitor the personal investment activities of all officers and registered representatives of the licensee. In this regard, the Compliance Department should ensure that officers and registered representatives- (a) place their own portfolios in blind trusts; (b) report their investment holdings to their employers; (c) disclose personal investment decisions to clients; and (d) ensure that transactions for clients or employers have priority over transactions in securities or other investments of which the licensee or registered representative is the beneficial owner. If a licensee or registered representative decides to make a recommendation about the purchase or sale of a security or other investment he shall give his clients or employer adequate opportunity to act on this recommendation before acting on his own behalf. (2) Establish astructure within their organization to restrict the flow of confidential information only to those who need to know in order to perform their duties effectively and this structure shall include- (a) a physical separation of the part of the firm that receives insider information from the rest of the firm, and particularly from the part of the firm that trades on its own inventory; (b) trading restrictions for officers and representatives of the firm regarding particular securities at particular times when the firm may be in possession of insider information; and (c) continuous monitoring and review of trading activities of officers and representatives. [The inclusion of this page is authorized by L.N. 102/2001]

Cecn~n S-1.n.~
STOCK RECORD
(Regulation 2)

THE SECURITIES (CONDUCT OF B IIS1NES.S) REGULATIONS, 1 9 THIRD SCHEDULE (Regulation 13) SECllRlTIES COMMISSION FORM "PR.A" GENERAL INSTRUCTlONS A. Rules as to Use of Form "PR.AW
I. Form "PR.AV shall be used for annual reports under regulations 13 and 15 ofthe Securities
(Conduct of Business) Regulations, 1999. An annual report on this form shall be filed within ninety days after the end of each tinancial year.
2. This is not a blank form to be filled in. It is a guide to be used in preparing the report
3. These general instructions are not to be filed with the report. The instructions to the various
captions are also to be omitted from the report as filed B. lncorporation by Reference
I. If the licensee makes available to stockholders or otherwise oublishes. within the oeriod
prescribed for tiling the report, a document or statement containing i;lformatio" meeting sdme or all of the requirements of Part I of this form. the information called for may be incorporated by reference from such public document or statement, in answer or partial answer to any item or items of Part I ofthis form, provided copies thereof are filed as an exhibit to Part I of the report in this form.
2. Other information may be incorporated by reference in answer or partial answer to any
item or items of Part II of this form.
A. Rules as to Use of Form "PRA"
I Form "PR.A" shall be used for annual reports under regulations 14 and 16 ofthe Sccur~ties (Conduct of Business) Regulations, 1999 An annual report on this form shall be filed within ninety days after the end ot each tinancial year.
2. This is not a blank form to be filled in. It is a guide to be used in preparing the report.
3. Thesegeneral instructions are not to be tiled with the report. The instructions to the various
captions are also to be omitted from the report as tiled.
9. Incorporation by Reference
I. If the licensee makes available to stockholders or otherwise publishes, within the period
prescribed for tiling the report, a document or statement containing information meeting soine or all of the requirements of Part I of this form, the information called for may be incorporated by reference from such public document or statement, in answer or partial answer to any item or items of Part I ofthis form, provided copies thereofare tiled as an exhibit to Part I of the report in this form.
2. Other information may be incorporated by reference in answer or partial answer to any
item or items of Part I1 ofthis form.
C. Integrated Reports to Security Holders
Quarterly reports to security holders may be combined with the required information of Form "PR.Q" and will be suitable for filing with the Commission if the following conditions arc satisficd￾I. The combined report contains fill1 and complete answers to all items required by
Part I of this form. When responses to a certain item of required disclosure are
separated within the combined report, an appropriate cross-reference should be made.

THE SECURITIES (CONDUCTOF BUSINESS) REGULATIONS, 1999 2 If not included in tlie combined report, the cover page, appropriate responses tipart
11. and the required signatures shall be included in the Form "PR.QV. Additionally, as
i~ppropriate. a cross-reference sheet should be filed indicating the tocation of information required by the items of the form. D. Signature and Filing of Report Three co~iiplete copies oftlie report, including any financial statements, exhibits or other papers or documents tiled as a part thereof. and five additional copies which need not include exhibits sliall be filed with the Coniniission. At least one complete copy of the report, including any financial statements, exhibit or otlier papers or documents tiled as a part thereof, sliall he tiled with each recognized exchange on which any class of securities of the licensee is registered. At least one complete copy oftlie report filed with tlieCo~nmission and one such copy filed with each exchange shall be manually signed on tlie licensee's behalf by the qualifying director or a duly authorized officer who niust be a registered representative of the licensee, as well as by the principal financial or chief accounting officer of tlie licensee. PAKT I. Financial Infortnution Item I. Financial Statements. Provide the information required by regulation I5 or 16. lteni 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Companies shall fhisli the inl'ormation required by regulatio~i 15 (3) (b)
PART II. Other Inforniation
Instruction: The report shall contain the item numbers and captions ofall applicable items of Part 11, but the text ofsucli items may he omitted provided the responses clearly indicate tlie coverage oftlie Item. Any item wliicli is inapplicable may be omitted. Where information called for in Part I1 has already been addressed in Part I it need not be repeated in Part 11. In these circumstances the information can be incorporated into Part 11 by direct reference to the place where it is addressed in
Part I.
I tem I. Legal I'roceedings
I:urnisli information on proceedings which Iiave been com~nenced. terminated or in which there have been materiat developments during the period covered by the report, including the relevant dates and a description oftlit: disposition thereof. Item 2. Changes in Securities (u) 11' the constituent instruments detining the riglils of llie liotders of any class of rcgistered securities Iiave been materially modified, give tlie title of the class of sccurities involved and state brietly the general effect of such nioditication upon the rights of lioldcrs of such securities. (h) II'tl~c rights cvitlenced by any class of repistcred securities Iiave been materially limi~ed or qualified by the issuance or modification of any other class of securities. statc brielly tlic gencral effect of tlie issuance or moditication of such otlier class of sccurities. upon the rights of the holders of the registered securites. Instruction: Working capital restrictions and otlier limitations upon the payment of dividends are lo be rcported hcreundcr. Item 3. I)eliiults Upon Scnior Securities.

THE SECURITIES ICOMD1:CT OF RllSl\LSS) REGULATlO,,5. I999 lfthere has been any material default in the pa! ment ofprincipal. interest. asinking or purcliase fund instalment, or any other material defat~lt not cured within thirty days. with respect to any indebtedness of the licensee or any of its significant subsidiaries exceeding 5% ot'the total assets of the licensee and its consolidated subsidiaries. identiti the indebtedness and state the nnture of the default. In the case of such a default in the payment ot'pric~cipal. interest, or a sinking or purchase tund instalment state the amount of the default and the total arrearage on the date of filing this report. Pursuant to the requirements of the Securities (Conduct of Business) Reguletiotls. 1909. the licensee has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Licensee Date (signature-print name and titlc here) Date (signature-print namc and title here) FOVRTH SCHEDULE (Regulation 14) SECllRlTlES COMMISSION FORM "PR.Q GENERAL INSTRUCTIONS A. Rules as to Use of Form "PR.QW
I. Form "PR.Q shall be used for quarterly reports under regulations 14 and 15 oftlie Securities
(Conduct of Business) Regulations, 1999. A quarterly rrport on this forni hall he tiled within forty-five days after the end of each of the first three financial quarters of each financial year. No report need be tiled for the fourth quarter of any financial year.
2. This is not a blank form to be tilled in. It is a guide to he used in preparing the report.
3. These general instructions are not to be tiled with the report. The instructions to the various
captions are also to be omitted from the report as tiled.
B. Incorporation by Reference
I. If the licensee makes available to stockholders or otherwise publishes. within the period
prescribed for tiling the report, a docunient or statement containing information meeting some or all of the requirements of Part I of this forni, the information called for may be incorporated by reference from such public document or statement. in answer or partial answer to any item or items of Part I ofthis form, provided copies thereof are tiled as an exhibit to Part I ofthe report in this form. [The inclusion of this page is authorized bv L N 102/2001]

THE SECURITIES (('ONDUCT OF B LISINESS) REGULATIONS, 1999
2. Other inforniation may he incorporated by referencr in answer or partial answer to any item
or items of Part II of this forni.
A. Rules as to Use of Form "PR.Q
I. Form "PR.Q shall be used for quarterly reports under regulations 15 and I6 of the Securities
(Conduct of Business) Regulatio~is, 1999. A quarterly report on this form sllall be tiled within forty-five days afier the end of each of the first three financial quarters of each financial year. No report need be tiled for the fourth quarter of any financial year.
2. This is not a blank form to be filled in. It is a guide to he used in preparing the report.
3. These general instructions are not to be tiled witli the report. The instructions to the various
captions are also to be omitted from the report as filed.
B. Incorporation by Reference

1. If the licensee makes available to stockholders or otherwise publishes, within the period
   prescribed for Rling the report, a document or statement containing information meeting some or all of the requirements of Part I of this form, the information called for may be incorporated by reference from such public document or statement. in answer or partial answer to any item or items of Part I of this form, provided copies thereof are tiled as an exhibit to Part I of the report in this form.
2. Other information may be incorporated by reference in answer or partial answerto any item
   or items of Part I1 of this form.
   C. Integrated Reports to Security Holders
   Annual reports to security holders may be combined with the required information of Form "PR.A" and will be suitable for tiling with the Commission ifthe followingco~iditio~is are satistied￾I. The combined report contains fill1 and complete answers to a11 items required by Part I ot this form. When responses to a certain item of required disclosure are separated within the com￾bined report, an appropriate cross-reference should be made.
3. If not included in the combined report, the cover page, appropriate responses to Part II. and
   the required signatures shall he included in the Form "PR.Am. Additionally, as appropriate, a cross-reference sheet should be filed indicating the location of intormation required by the itenis of the form. D. Signature and Filing of Report Three complete copies of the report. including any financial statements. exhibits or other papers or documents filed as a part thereof, and five additional copies whicli need not include exhibits shall be filed with the Commission. At least one complete copy of the reporl, including any financial statements, exhibit or other papers or documents tiled as a part thereof, shall be filed with each recognized exchange on which any class of securities of the licensee is registered. At least one complete copy ofthe report tiled witli the Commission and one such copy tiled with each exchange shall be manually signed on the licensee's behalf by the qualifying director or a duly authorized officer who must be a registered representative ofthe licensee, as well as by the principal financial or chief accounting officer of the licensee.
   PART I. Financial Information
   ltem 1. Audited Financial State~ne~its or Indemnity Insurance Provide the information required by regulation 14 or 16. ltem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations [The inclusion of this page is aulhorized by L.N. 10?/2001]

THE SECURlTlES (CONDUCTOF BUSINESS) REGULATIONS. 1999 Furnish the information required by regulation 14 (3). Item 3. Annual Tax Compliance Certificate Instruction: The report shall contain the item numbers and captions of all applicable items of Part 11, but the text of such items may be omitted provided the responses clearly indicate the coverage of the item. Any item which is inapplicable may be omitted. Where information called for in Part 11 has already been addressed in Part I it need not be repeated in Part 11. In these circumstances the information can be incorporated into Part 11 by direct reference to tlie place where it is addressed in Part I. Item I. Legal Proceedings. Furnish information on proceedings wliich have been commenced, terminated or in which there have been material developments during the period covered by the report, including tlie relevant dates and a description of the disposition thereof Item 2. Changes in Securities. (a) If the constituent instruments defining the rights of the holders of any class of registered securities have been materially modified, give the title of the class of securities involved and state brietly the general effect of such modification upon the rights of holders of such securities. (b) Class of securities, state brietly the general effect of the issuance or modification of such other class of securities upon the rights of the holders of the registered securities. Instruction: Working capital restrictions and other limitations upon the payment of dividends are to be reported hereunder. Item 3. Defaults Upon Senior Securities If there has been any material default in the payment of principal, interest, a sinking or purcliase fund instalment, or any other material default not cured within thirty days, with respect to any indebtedness of the licensee or any of its significant subsidiaries exceeding 5% of the total assets of the licensee and its consolidated subsidiaries. identifv the indebtedness and state the nature of the default. In the case of such a default in the payment of principal, interest, or a sinking or purchase fund instalment state the amount of the default and the total arrearage on the date of filing this report. SIGNATURES Pursuant to the requirements of the Securities (Conduct of Business) Regulations, 1999, tlie licensee has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
......................................... ... .....,.....
Date
Licensee
.,. ....,, ,.... ...,..,....,..... .. ... ..... ....................... ,, , (signature-print name and title here) Date (signature-print name and title here) [The inclusion of this page is authorized by L N. 102/2001]