PRU A6.8.1

(1) An Authorised Person which calculates its Securities Underwriting Risk Capital Requirement in accordance with Rule 5.10.7(b) must apply the Rules in this Section.
(2) An Authorised Person which underwrites or sub-underwrites an issue of Securities must, for the purposes of calculating its Market Risk Capital Requirement:
(a) identify commitments to underwrite or sub-underwrite which give rise to an Underwriting position;
(b) identify the time of initial commitment; and
(c) calculate the net Underwriting position, reduced net Underwriting position or the net Underwriting Exposure.