borrowing and lending, and joint venture management. As a result, any intermediary wishing to operate only brokerage business, for example, would have to meet the high minimum paid-up capital rule despite its
) shall together select another arbitrator to be the chairman of the arbitrator panel. If the respondent refuses to have three arbitrators or the respondent does not show his intention whether or not to
arbitrator panel. If the respondent refuses to have three arbitrators or the respondent does not show his intention whether or not to have three arbitrators within the specified period of time, it shall be
, and shall be in the form of high quality assets with adequate liquidity. Securities clearing houses and central securities depositories shall establish clear plans to obtain additional sources of funds