PRU A4.9.4

Where an Authorised Person is acting as an intermediary between a client and a QCCP and the terms of the QCCP-related transaction stipulate that the Authorised Person is not obligated to reimburse the client for any losses suffered due to changes in the value of that transaction in the event that the QCCP defaults, it may apply a CRW of 0% when calculating Credit RWA in respect of its Trade Exposure to the QCCP.