Westpac Banking Corp – Waiver from Participant Rule 3.5, 19

NZX Regulation Decision Westpac Banking Corporation Waiver from NZX Participant Rule 3.5 and Section 19 and restriction of application of Rules 26 June 2019 Waiver from NZX Participant Rule 3.5 and Section 19 and restriction of application of Rules Decision 1. On the basis that the information provided to NZX Regulation (NZXR) is full and accurate in all material aspects, and subject to the conditions in paragraph two below, NZXR grants Westpac Banking Corporation (WPAC) a waiver of NZX Participant Rule (the Rules) 3.5, Section 19 and to restrict the application of the Rules that apply to each class of Market Participant WPAC is designated as to the Debt Capital Markets division of Westpac Banking Corporation New Zealand Branch (DCM) only. 2. The waiver in paragraph one above is provided on the conditions that: a. WPAC continues to be a Registered Bank, as defined in the Reserve Bank of New Zealand Act 1989 (RBNZ Act); b. WPAC continues to comply with the regulatory requirements of the Australian Prudential Regulation Authority (APRA), the Financial Markets Authority (FMA) and the Reserve Bank of New Zealand (RBNZ); and c. WPAC continues to meet its obligations under the NZX Main Board/Debt Market Listing Rules (the Listing Rules) 3.5, 3.6, 3.7, 3.8 and 3.20 and/or any waivers held with respect to these rules. 3. This waiver does not replace or diminish WPAC's obligations under the Depository Operating Rules. 4. This waiver is effective from 1 July 2019 until withdrawn by WPAC or revoked by NZXR. NZXR reserves the right to revoke or vary this waiver at any time. 5. This waiver replaces the waiver granted to WPAC on 9 May 2018, which is revoked as of 30 June 2019. 6. The information on which this decision is based is set out in Appendix One to this decision. This decision will not apply if that information is not, or ceases to be, full and accurate in all material respects. 7. The Rules to which this decision relates are set out in Appendix Two to this decision. Reasons 8. In reaching the decision to grant a waiver of Rule 3.5, NZXR has considered that: a. As a Listed Issuer on the NZX Main Board and the NZX Debt Market, the disclosure obligations contained in Rule 3.5 are already being substantially met by the requirements of Listing Rule 3.20; b. WPAC's core business is that of providing banking services (Business, Rural, Retail, Corporate and Commercial, Institutional (non-market activity), Trade and Transactional and Personal) and DCM is a very small division of the bank's overall business. As such, Westpac's Directors are far removed from the day to day NZX related activity undertaken by DCM. In addition, the Responsible Executive, who has direct oversight of the day to day operation of DCM, provides an undertaking that contains all of the points from the Directors undertaking in addition to points placing responsibility on the Responsible Executive for ensuring the Market Participant complies with the Rules; and c. When WPAC was designated as a Market Participant, Directors of an applicant were not required to complete an undertaking. Given the structure of WPAC's business and the disclosure obligations contained in the Listing Rules NZXR considers that the undertaking from the Responsible Executive is more relevant than any such undertaking from any new Director, who would be far removed from NZX activity. 9. In reaching the decision to grant a waiver of Section 19, NZXR has considered that: a. WPAC is a Registered Bank and is captured under regulations enacted under the RBNZ Act; b. WPAC is a Listed Issuer on the NZX Main Board and the NZX Debt Market and is subject to the Listing Rules, including disclosure obligations; c. WPAC is captured under APRA and RBNZ regulations as an Authorised Deposit-taking Institution and Registered Bank respectively; d. WPAC is an Issuer on the ASX and NZX Main Board and is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Markets Authority (FMA) and NZX respectively; and e. NZXR is satisfied that by complying with the RBNZ capital adequacy requirements, WPAC is meeting the objectives of the Rules in respect of Capital Adequacy. 10. In reaching the decision to grant a waiver to restrict the obligations of the Rules that apply to each class of Market Participant WPAC is designated as to DCM only, NZXR has considered that: a. NZXR acknowledges that WPAC's core business is that of providing banking services (Business, Rural, Retail, Corporate and Commercial, Institutional (non-market activity), Trade and Transactional and Personal) and the limited NZX activity undertaken by WPAC and considers it appropriate that the application of the Rules be limited to DCM. Publication 11. This decision will be published. ENDS Appendix One 1. WPAC is an NZX Sponsor and Distributing and Underwriting Sponsor under the Rules. 2. WPAC is a Depository Participant under the NZX Depository Operating Rules. 3. WPAC is a Registered Bank and is required to meet capital obligations under regulations enacted under the RBNZ Act. 4. WPAC is an Issuer on the NZX Main Board and the NZX Debt Market and is required to notify NZX of certain information including changes of Directors and provide to NZX half year and annual reports prepared in accordance with ASX Listing Rules. 5. WPAC was granted on 9 May 2018 a waiver from NZX Participant Rules (December 2017) 3.5, section 19 and restricted the application of the rules to the Debt Capital Markets division of Westpac Banking Corporation New Zealand Branch only. Due to changes made to the rules governing NZX Issuers, references made in the waiver to NZX Main Board/Listing Rules 10.3, 10.4 and 10.6 no longer reflected the current NZX Listing Rules and the waiver has been revised to reflect these changes only. 6. In support of its waiver application to restrict the application of the Rules to DCM, WPAC previously made the following submissions: a. WPAC is subject to the prudential regulation of APRA and at a conduct level ASIC; b. WPAC is a locally Registered Bank through its New Zealand branch and is subject to the regulation of RBNZ and at a conduct level the FMA; and c. NZX activity carried out by WPAC in relation to any issue of securities is a small part of WPAC's overall business activity. No employees of WPAC, other than those in DCM or legal and/or compliance services, will ever be materially involved in conducting the NZX Activity in respect of any issue of Securities in which WPAC is involved, other than in relation to issues of Securities by WPAC, or any related body corporate of WPAC. 7. In support of its application for the waiver of Rule 3.5, WPAC previously made the following submissions: a. WPAC is a registered bank in New Zealand and is required under the Registered Bank Disclosure Statement (New Zealand Incorporated Registered Banks) Order 2014 to publish a quarterly disclosure statement which includes financial statements as well as other information; and b. WPAC's Responsible Executive is the Chief Executive Officer of WPAC's NZ Branch and is the listed senior person for the purposes of the FMCA Derivative License and the RBNZ Conditions of Registration and is capable of providing the required statutory declaration otherwise required by directors pursuant to the Rule. 8. In support of its application for the waiver of section 19 of the Rules, WPAC previously made the following submissions: a. As a registered bank, RBNZ monitors WPAC's financial condition and compliance with its conditions of registration, including the financial condition and the liquidity risk profile; and b. WPAC complies with the following minimum capital adequacy requirements, as administered by the Australian Prudential Regulation Authority: i. Common Equity Tier 1 capital of WPAC is not less than 4.5% of risk weighted exposures; ii. Tier 1 capital of WPAC is not less than 6% of risk weighted exposures; and iii. Total capital of Westpac Banking Corporation is not less than 8% of risk weighted exposures. c. By complying with the APRA capital adequacy requirements, WPAC is meeting the objectives of the Rules in respect of Capital Adequacy. Appendix Two NZX Participant Rules Section 3 Market Participants 3.5 COMPANIES 3.5.1 Whenever a new Director of a Market Participant, which is a company, is appointed, the Market Participant must deliver to NZX an undertaking, in the form provided in Appendix 4, signed by that Director. Market Participants must notify NZX in writing of (and provide the executed undertaking in the form provided in Appendix 4) a new Director as soon as practicable but no later than 5 Business Days after such appointment being made. 3.5.2 Whenever a Market Participant is required to file an annual return, financial statements, or a notice of a change in its share capital or its constitution with the Registrar of Companies, it shall, at the same time, send a copy of such return or notice to NZX. 3.5.3 Where a Director of a Market Participant, which is a company, resigns, the Market Participant must notify NZX in writing of such resignation as soon as practicable but no later than 5 Business Days after such resignation. Section 19 Capital Adequacy 19.1 CAPITAL ADEQUACY 19.1.1 Minimum Capital Required: Subject to Rule 19.1.2, a Market Participant Requiring Capital must at all times maintain its Net Tangible Current Assets at a level equal to, or greater than, its Prescribed Minimum Capital Adequacy, which shall be the higher of: (a) the Minimum NTCA of the Market Participant Requiring Capital, as prescribed for its category of Market Participant Requiring Capital by Rule 19.2; and (b) the Total Risk Requirement of the Market Participant Requiring Capital, as calculated in accordance with Rule 19.5. 19.1.2 Other Prudential Supervision Regime: A Market Participant Requiring Capital may be exempted from the requirements of Rule 19.1.1, if NZX is satisfied that the Market Participant Requiring Capital is subject to, and is complying with, an equivalent level of prudential supervision by an Alternative Regulator, in accordance with the laws of the applicable jurisdiction. 19.1.3 A Market Participant Requiring Capital holding an exemption under Rule 19.1.2 must: (a) comply with all obligations to, or requirements of, the Alternative Regulator; (b) provide NZX with copies of any filings or communication with the Alternative Regulator at the same time this information is provided to the Alternative Regulator; (c) provide NZX with copies of any reports from the Alternative Regulator relating to the compliance or non-compliance with the requirements of the Alternative Regulator's prudential supervision regime; (d) ensure that a Reciprocal Arrangement is in place with the Alternative Regulator to provide information to NZX in respect of the Market Participant Requiring Capital at the request of NZX and without notification to the Market Participant Requiring Capital; and (e) notify NZX if the Market Participant Requiring Capital ceases to be subject to regulation by the Alternative Regulator as soon as reasonably practicable after becoming aware of the same. 19.1.4 An exemption under Rule 19.1.2 may be revoked at any time by NZX and will be deemed to be revoked immediately if: (a) the Market Participant Requiring Capital ceases to be subject to regulation by the Alternative Regulator; or (b) the Market Participant Requiring Capital's standing, authorisation or approval conferred by the Alterative Regulator is suspended or terminated or otherwise materially adversely impaired. 19.2 Capital Adequacy Requirements 19.2.1 The Minimum Net Tangible Current Asset levels are: (a) $500,000 for a NZX Trading and Advising Firm; (b) $500,000 for a NZX Advising Firm accepting Client Funds; (c) $250,000 for a NZX Advising Firm not accepting Client Funds; (d) $500,000 for a Bank Only Participant; (e) $500,000 for a Principal Book Only Dealer; and (f) $250,000 for a Distribution and Underwriting Sponsor. 19.3 Capital Adequacy Reporting 19.3.1 A Market Participant Requiring Capital must calculate: (a) the Market Participant Requiring Capital's Net Tangible Current Assets; (b) the Market Participant Requiring Capital's Total Risk Requirement; and (c) the percentage that the Market Participant Requiring Capital's Net Tangible Current Assets and Total Risk Requirement amounts form of its Prescribed Minimum Capital Adequacy,as at the end of each Business Day (together, the "Capital Adequacy Calculations") with such calculation to be completed and recorded by the end of the next Business Day. 19.3.2 A Market Participant Requiring Capital must provide to NZX a monthly report of its daily Capital Adequacy Calculations during that month at the time and in the manner prescribed by Rule 20.14. 19.3.3 NZX may by Notice require a Market Participant Requiring Capital to provide to NZX a report of its daily Capital Adequacy Calculations on a more regular basis as and when NZX considers this necessary or desirable. 19.3.4 A Market Participant Requiring Capital must notify NZX as soon as reasonably practicable after becoming aware that, between two consecutive Business Days, the Market Participant Requiring Capital's Net Tangible Current Assets as a percentage of its Prescribed Minimum Capital Adequacy: (a) having been above any of the percentage thresholds specified below, changes so that it is below that threshold; or (b) having been below any of the percentage thresholds specified below, changes so that it is above that threshold; and such notice must include the figures calculated under Rules 19.3.1(a), (b) and (c) and such further information as NZX requires. The percentage thresholds referred to above are: 100%, 120%, 150%, 200%, 300%, 500% and 1000%. 19.3.5 Following notification under Rule 19.3.4, in relation to a Market Participant Requiring Capital's Net Tangible Current Assets being less than 120% of its Prescribed Minimum Capital Adequacy, the Market Participant Requiring Capital must provide to NZX a daily report of its Capital Adequacy Calculations (as soon as such calculations are available), including such further information as NZX requires, until its Net Tangible Current Assets exceed 120% of its Prescribed Minimum Capital Adequacy. 19.4 NTCA Calculation 19.4.1 A Market Participant Requiring Capital's Net Tangible Current Assets are calculated as the sum of its tangible assets less the sum of its liabilities, as calculated in accordance with Generally Accepted Accounting Practice, this Rule 19.4 and Rule 19.13. In the event of any inconsistency between these Rules and Generally Accepted Accounting Practice, these Rules will prevail. 19.4.2 The following items must be excluded from the calculation of Net Tangible Current Assets: (a) all Intangible Assets (but liabilities including Contingent Liabilities associated with Intangible Assets must be included in the calculation); (b) guarantees, except guarantees approved by NZX where and to the extent to which the Market Participant Requiring Capital has a Net Underwriting Commitment for the purposes of the calculation of the Primary Market Risk Requirement; (c) any Subordinated Debt approved by NZX in accordance with Rule 19.4.5 (d) Property, Plant and Equipment; (e) any asset which, in the normal course of business is not capable of being realised within 12 months (having regard to any relevant Guidance Note or Procedure); and (f) any item excluded under Rule 19.4.3. 19.4.3 NZX may, from time to time, notify a Market Participant Requiring Capital that it must exclude any item that otherwise would be included in its NTCA calculation on such conditions and for such period notified by NZX. Where NZX has made a determination under this Rule, it will advise the Market Participant Requiring Capital in writing, specifying the reasons for its determination. 19.4.4 The following items must be included in the calculation of Net Tangible Current Assets: (a) all Contingent Liabilities; and (b) assets and liabilities in respect of segregated client monies held on the Market Participant Requiring Capital's balance sheet. 19.4.5 A Market Participant Requiring Capital may only exclude a Subordinated Debt from calculation of its liabilities, for the purposes of these Rules, with the prior approval of NZX. 19.4.6 NZX will not approve the exclusion of Subordinated Debt from calculation of the Market Participant Requiring Capital's liabilities unless the Subordinated Debt is issued on terms that include that: (a) the terms of issue of the Subordinated Debt are subject to these Rules; (b) the terms of issue of the Subordinated Debt cannot be amended without the prior approval of NZX; (c) any repayment of the Subordinated Debt is subject to the Market Participant Requiring Capital holding Net Tangible Current Assets above 120% of its Minimum NTCA after repayment; (d) no repayments of the Subordinated Debt can be made without the prior approval of NZX; (e) the obligation to pay any amount owing in respect of the Subordinated Debt, including interest or distributions, is suspended during any period in which the Market Participant Requiring Capital fails to comply with its obligations under Rule 19.1.1; or (f) any other provision NZX considers necessary to protect the viability of the Market Participant Requiring Capital's business and ensure Subordinated Debt is validly and effectively subordinated to the general unsecured creditors of the Market Participant Requiring Capital. 19.4.7 NZX will not withhold approval to repayment of any Subordinated Debt if in the opinion of NZX, the Market Participant Requiring Capital's Net Tangible Current Assets will continue, immediately following repayment, to be greater than 120% of its Prescribed Minimum Capital Adequacy. 19.5 Total Risk Requirement Calculation 19.5.1 A Market Participant Requiring Capital's Total Risk Requirement is calculated as being the aggregate of its: (a) Operational Risk Requirement; (b) Counterparty Risk Requirement; (c) Large Position Risk Requirement; (d) Position Risk Requirement; (e) Currency Risk Requirement; (f) Primary Market Risk Requirement; and (g) Market Risk Requirement (if any), calculated in the manner determined by Rules 19.6 to Rule 19.13. 19.6 Operational Risk Requirement Calculation 19.6.1 A Market Participant Requiring Capital's Operational Risk Requirement is equal to 1% of the higher of: (a) the Market Participant Requiring Capital's budgeted total revenue for the month in which the calculation is made; and (b) the Market Participant Requiring Capital's average actual monthly total revenue of the three complete consecutive calendar months preceding the date on which the calculation is made. 19.7 Counterparty Risk Requirement 19.7.1 A Market Participant Requiring Capital may calculate the Positive Credit Exposure under Rule 19.7.3 and Rule 19.7.4 for an individual Counterparty on a net basis across all currencies only where and to the extent that netting is permissible on a "first in first out" basis under Generally Accepted Accounting Practice. 19.7.2 Liability of a Counterparty to a Market Participant Requiring Capital may be netted against: (a) assets held by that Market Participant Requiring Capital pending settlement of that liability; and/or (b) assets of that Counterparty under the control of that Market Participant Requiring Capital in respect of which that Market Participant Requiring Capital has a right or lien that may be exercised in order to satisfy that liability. 19.7.3 A Market Participant Requiring Capital's Counterparty Risk Requirement shall be calculated in respect of each of its Positive Credit Exposures for each Counterparty. In calculating Positive Credit Exposures, the Market Participant Requiring Capital shall, having regard to any relevant Guidance Note or Procedure: (a) include all trade and intragroup debtors; (b) include all transactions in Financial Instruments; and (c) exclude all transactions with CHO and all Net Underwriting Commitments. 19.7.4 The Positive Credit Exposure for an individual Counterparty shall be calculated as the sum of: (a) 4% of the value of all transactions with that Counterparty remaining unsettled, but that are not Overdue; (b) 10% of the Initial Margin Capital Requirement for all clients in respect of margined transactions with that Counterparty; (c) 50% of the value of all transactions with that Counterparty that are Overdue if the Counterparty is an AFSL holder, a financial market participant that is regulated in the United States of America, the United Kingdom, or other OECD country, a Bank or a Market Participant Requiring Capital, a Clearing Participant or a Participant Requiring Capital (as defined in the applicable rules of the NZX Market in which they participate); and (d) 100% of all other transactions with that Counterparty. 19.7.5 Where a right of set-off exists and a single Counterparty has outstanding balances in more than one category specified in Rule 19.7.4, the debit or credit balance is first applied to the Positive Credit Exposure with the greatest Counterparty Risk Requirement. 19.8 Large Position Risk Requirement 19.8.1 The Large Position Risk Requirement is calculated as being the aggregate of the: (a) Large Position Counterparty Risk Requirement; and (b) Large Position Issuer Risk Requirement, but must exclude any Net Underwriting Commitment. 19.8.2 The Large Position Counterparty Risk Requirement applies when a Market Participant Requiring Capital's Positive Credit Exposure to an individual Counterparty exceeds 19% of that Market Participant Requiring Capital's total liabilities and will be the sum of: (a) 2% of the value of transactions with that Counterparty that are not Overdue; and (b) 10% of the value of transactions with that Counterparty that are Overdue. 19.8.3 The Large Position Issuer Risk Requirement applies when a Market Participant Requiring Capital has a principal position in a class of an individual Issuer's Securities that is more than 10% of all the Securities in that class or that has a value that exceeds 19% of that Market Participant Requiring Capital's total liabilities and will be an additional 5% of the total of the value of the relevant Securities. 19.9 Position Risk Requirement Calculation 19.9.1 The Position Risk Requirement represents the aggregate of a Market Participant Requiring Capital's individual absolute net position risk amounts in particular Financial Instruments or transactions. The Position Risk Requirement for a Market Participant Requiring Capital's net position in a particular Financial Instrument or transaction is: (a) For debt and equity Securities: i. 3% of the value of Securities issued by central government Issuers, senior ranking Unsubordinated Debt Securities issued by Bank Issuers and Investment Grade Securities issued by local government Issuers; ii. 6% of the value of fully paid Quoted Equity Securities within the NZX50 index or any Recognised Market Index and fully paid senior ranking Investment Grade Debt Securities; iii. 8% of the value of other fully paid New Zealand or Australian Quoted Securities (excluding Structured Finance Products), unrated Securities issued by local government Issuers and Subordinated Debt Securities issued by Bank Issuers (excluding Structured Finance Products); iv. 15% of the value of all other Securities (including Structured Finance Products) Quoted on a Recognised Market or issued by Bank Issuers; v. 50% of the value of all other Securities issued by New Zealand and Australian Issuers; and vi. 100% of the value of all other Securities. (b) For derivative products: i. in respect of margined transactions that are bought Options, the amount of any unpaid premium; ii. in respect of margined transactions that are sold Options, the aggregate of twice the Initial Margin Capital Requirement and all unrealised losses (including any unpaid margins); iii. in respect of all other margined transactions, twice the Initial Margin Capital Requirement; and iv. in respect of non-margined transactions, an amount calculated on a basis from time to time approved by NZX. 19.9.2 In calculating the absolute net position in a particular Financial Instrument or transaction under Rule 19.9.1: (a) the value of each debt or equity Security position under Rule 19.9.1(a) may be off-set by a derivative product over the same underlying debt or equity Security, to the extent that the exposure to that debt or equity Security is reduced by that derivative product; (b) a derivative product over an underlying debt or equity Security need not be taken into account in the calculation under Rule 19.9.1(b) to the extent that the exposure to that debt or equity Security from the derivative product has been off-set as permitted under Rule 19.9.2(a); and (c) if Rule 19.9.2(a) does not apply, but a particular debt or equity Security position is off-set in full or part by a derivative product where there is a demonstrable correlation between the exposure to that debt or equity Security position and the derivative product, the value of the debt or equity Security position under Rule 19.9.1(a) may be reduced to the extent expressly permitted and approved in writing by NZX. 19.9.3 NZX may determine the Position Risk Requirement for a particular Financial Instrument or transaction or class of Financial Instrument or transaction or a particular Issuer or class of Issuer in the Procedures or in a Guidance Note. 19.10 Currency Risk Requirement 19.10.1 The Currency Risk Requirement is calculated as the sum of the following adjustment factors: (a) 3% of the net of that Market Participant Requiring Capital's unhedged Financial Assets and Financial Liabilities denominated in AUD; and (b) 6% of the net of the Market Participant Requiring Capital's unhedged Financial Assets and Financial Liabilities denominated in a currency other than the Base Currency or AUD. 19.11 Primary Market Risk Requirement 19.11.1 The Primary Market Risk Requirement is calculated in respect of all Net Underwriting Commitments and in relation to each Net Underwriting Commitment is the particular percentage applicable to the Securities the subject of the commitment under Rule 19.9.1(a) 19.12 Market Risk Requirement 19.12.1 From time to time NZX may by written Notice, require any Market Participant Requiring Capital or all Market Participants Requiring Capital to include a Market Risk Requirement in its or their Total Risk Requirement. In determining whether a Market Risk Requirement is necessary and in determining the amount or method of calculating a Market Risk Requirement, NZX will have regard to: (a) the risk profile of the Market Participant Requiring Capital; (b) domestic and global market volatility; and (c) any other factor that NZX considers to be relevant. 19.12.2 A Market Participant Requiring Capital will be required to calculate and include the Market Risk Requirement in its Total Risk Requirement in accordance with any Notice given by NZX from time to time. 19.13 Valuation and Foreign Currencies 19.13.1 In calculating its NTCA or Total Risk Requirement, a Market Participant Requiring Capital must mark to market each of its principal positions in Financial Instruments on each Business Day. Except where provided for in the Rules, all assets and liabilities are to be valued in accordance with Generally Accepted Accounting Practice. 19.13.2 An Option or right may be valued using an option pricing model approved by NZX from time to time. The model used must be specified in all relevant reporting to NZX. 19.13.3 In arriving at a mark to market value for an Option or rights position with no published market price, or that cannot otherwise be valued under Rule 19.13.2, the position must be valued as follows: (a) for a purchased Option or right that is In the Money, the In the Money Amount multiplied by the quantity underlying the Option or right; and (b) for a written Option, the sum of: i. the In the Money Amount multiplied by the quantity underlying the Option; and ii. the initial premium received for the Option. 19.13.4 In arriving at a mark to market value for a Swap or Forward Rate Agreement, the position must be valued as follows: (a) having regard to the net present value of the future cash flows of the contracts; and (b) using current interest rates relevant to the period in which the cash flows will arise. 19.13.5 In calculating its NTCA, a Market Participant Requiring Capital must apply such discount or haircut to any item that may be included in the calculation as notified to that Market Participant Requiring Capital by NZX on such conditions and for such periods notified by NZX. 19.13.6 Where NZX has made a determination under Rule 19.13.5, it will advise the Market Participant Requiring Capital in writing, specifying the reasons for its determination. 19.13.7 In calculating NTCA or any component of the Total Risk Requirement, in respect of a Business Day, a Market Participant Requiring Capital must convert any amounts in foreign currency other than the Base Currency to the Base Currency at the prevailing spot rate on or about the close of business on that Business Day from a readily available market source and the Market Participant Requiring Capital must specify the rate and source in all relevant reporting to NZX. 19.13.8 For the purpose of Rule 19.13.7 NZX may, from time to time, stipulate that a specific source cannot be used as a source for currency conversion or may stipulate the source that must be used by the Market Participant Requiring Capital. End CA:00336689 For:NZXR Type:WAV/RULE Time:2019-06-26 17:12:27