Where an Authorised Person has entered into secured funding arrangements, the Authorised Person must:
(a) include in its calculation of the RSF;
(i) securities it has lent in SFTs where it retains beneficial ownership; and
(ii) encumbered securities in repos or other securities financing transactions where it has retained beneficial ownership and those assets remain on its balance sheet; and
(b) exclude from its calculation of the RSF;
(i) securities which it has borrowed in SFTs (such as reverse repos and collateral swaps) and to which it does not have beneficial ownership; and
(ii) any securities it has received through collateral swaps if those securities do not appear on its balance sheet.