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
various categories consisting of: (1) equity brokerage, (2) equity dealing, (3) equity underwriting, (4) investment advisory service, and (5) securities borrowing and lending.
Securities Borrowing and Lending Limited BDU Investment Advisory Derivatives Advisors Approval and Standards Practice Code of Conduct Fees Related Circular Letter Appoint/Approval/Code of conducts and Standard