Regulation 3

any dealer who, in the ordinary course of business —

acts as a securities lending intermediary under a securities lending arrangement under which —

listed securities are transferred into and out of a securities account that is held by the dealer or on behalf of the dealer, within 7 business days; and

if any equity interest is provided as security under the securities lending arrangement — the dealer holds the equity interest only by way of security for the purposes of the securities lending arrangement; and

becomes a Level A controller of the designated entity only by reason of the dealer acting as a securities lending intermediary under the securities lending arrangement mentioned in sub‑paragraph (i);

any dealer who, in the ordinary course of business —

acts as a securities lending agent for the purposes of a securities lending arrangement under an arrangement in writing between the dealer and the owner of listed securities, under which the dealer arranges for or facilitates the transfer of the listed securities to another person;

is either —

not in a position to control any voting power attached to the listed securities; or

in a position to control any voting power attached to the listed securities but only under the direction of the owner of the listed securities under the securities lending arrangement; and

becomes a Level A controller of the designated entity only by reason of the dealer acting as a securities lending agent for the purposes of the securities lending arrangement mentioned in sub‑paragraph (i);

any associate of a dealer mentioned in sub‑paragraph (a) or (b), who becomes a Level A controller of the designated entity only by reason of the dealer acting as a securities lending intermediary under the securities lending arrangement mentioned in sub‑paragraph (a)(i) or as a securities lending agent for the purposes of the securities lending arrangement mentioned in sub‑paragraph (b)(i).