Equivalent - GMSLA Provision: Difference between revisions
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{{ | {{fullanat|gmsla|Equivalent|2010}} | ||
Notice under {{gmslaprov|6.7}} is the notice required to participate in a corporate action. | Notice under {{gmslaprov|6.7}} is the notice required to participate in a corporate action. | ||
This is a beast of a provision to parse. What I think it means in summary is this: | |||
This is a beast of a provision to | {{nuts|GMSLA|Equivalent}} | ||
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the key thing to observe is that "{{tag|equivalent}}" doesn't mean "of a similar type" or "broadly somewhat like the thing I gave you". It means THE EXACT SAME THING. Same [[cusip]]; same [[isin]]. Nothing else will do. The only distinction that "equivalent" permits is that the security does not have to be the precise security, down to the certificate number, that I gave you, as long as it is identical to and fungible with it. | the key thing to observe is that "{{tag|equivalent}}" doesn't mean "of a similar type" or "broadly somewhat like the thing I gave you". It means THE EXACT SAME THING. Same [[cusip]]; same [[isin]]. Nothing else will do. The only distinction that "equivalent" permits is that the security does not have to be the precise security, down to the certificate number, that I gave you, as long as it is identical to and fungible with it. |