and Exchange Commission hereby prescribes the following rules: Clause 1. In this notification: “short sale” means a sale of securities that must be borrowed in order to complete delivery; “customer

sale” means the selling of securities where delivery is made with borrowed securities; “Business operator” means a person licensed to undertake securities business in the category of securities borrowing

the borrowed securities, only in the portion not exceeding the value of the collateral; 2. payables under the pledged assets; 3. payable for a client account; 4. payable under a securities repurchase

of collateral; (c) total sum of the following liabilities: 1. payables with obligations to return borrowed securities, only in the portion not exceeding the value of collateral; 2. payables under