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4240. Security-Based Swap Margin Requirements

Every member that is a party to a security-based swap with a customer, broker or dealer, or other Counterparty, or who has guaranteed or otherwise become responsible for any other person’s SBS obligations, shall comply with the following requirements, except that a member that is registered as a security-based swap dealer under Exchange Act section 15F shall instead comply with SEA Rule 18a-3.  
(a)  Cleared SBS Margin Requirements
Except as provided in paragraph (b)(5) of this Rule, the margin to be maintained on any Cleared SBS is the margin on such Cleared SBS required by the Clearing Agency through which such SBS is Cleared.
(b)  Uncleared SBS Margin Requirements
(1)  Current Exposure Computation
As of the close of business on each business day, the member shall calculate with respect to each Uncleared SBS Account an amount equal to:
(A)  The net Value (which may be negative) of all Uncleared SBS in the Uncleared SBS Account; plus
(B)  The Value of all Variation Margin collected from the Counterparty that has not been returned or applied to an obligation of the Counterparty; minus
(C)  The Value of all Variation Margin delivered to the Counterparty that has not been returned or applied to an obligation of the member.
If this amount is positive, it is the Counterparty’s “Current Exposure” to the member; if it is negative, then its absolute value is the member’s “Current Exposure” to the Counterparty.
(2)  Initial Margin Computation
As of the close of business on each business day, the member shall compute an amount (the “Initial Margin Requirement”) for each Uncleared SBS Account equal to the sum of the following Initial Margin Requirements on the Uncleared SBS and securities positions in that Uncleared SBS Account.
(A)  Initial Margin Requirements
For purposes of the computation of an Initial Margin Requirement for an Uncleared SBS Account and subject to paragraph (b)(2)(B) of this Rule: 
(i)  The “Initial Margin Requirement” on an Uncleared Basic CDS is an amount equal to the “haircut” on that position under SEA Rule 15c3-1(c)(2)(vi)(P)(1); provided, however, that if the member has a netting or collateral agreement that is legally enforceable against the Counterparty and covers any combination of Uncleared Basic CDS or securities specified in clause (iii), (iv) or (v) of SEA Rule 15c3-1(c)(2)(vi)(P)(1), the member may compute an Initial Margin Requirement on such combination of positions equal to the “haircut” on that combination under SEA Rule 15c3-1(c)(2)(vi)(P)(1); 
(ii)  The “Initial Margin Requirement” on an Uncleared Basic SBS is the margin that Rule 4210 would require to be maintained on the Equivalent Margin Account; provided, however, that if the member has a netting or collateral agreement that is legally enforceable against the Counterparty and covers any combination of Uncleared Basic SBS, securities or options positions, the member may compute an Initial Margin Requirement on the combination of such positions equal to the margin that Rule 4210 would require to be maintained on the combination of Equivalent Margin Accounts for such Uncleared Basic SBS and securities or options positions; 
(iii)  Subject to the foregoing, the “Initial Margin Requirement” on long or short securities positions in an Uncleared SBS Account is the margin that Rule 4210 would require to be maintained on those positions in the Counterparty’s margin account; provided, however, that there shall be no Initial Margin Requirement on securities that the member has chosen to haircut pursuant to paragraph (d)(20)(B)(ii) of this Rule;
(iv)  The “Initial Margin Requirement” on any Uncleared SBS other than a Basic CDS or Basic SBS shall be determined in a manner approved by FINRA pursuant to paragraph (b)(2)(C) of this Rule; provided, however, that the Initial Margin Requirement for any Legacy SBS, other than a Basic CDS, Basic SBS, or other SBS for which FINRA has approved the use of specific margin requirements by the member pursuant to paragraph (b)(2)(C) of this Rule, shall be computed using the applicable method specified in SEA Rule 15c3-1(c)(2)(vi)(P).  
(B)  Combining Positions in the Computation of Initial Margin Requirements
To be included in a combination referred to in paragraph (b)(2)(A)(i) or (A)(ii) of this Rule, securities positions must be in the Counterparty’s Uncleared SBS Account or margin account at the member.  Securities may not be included in a combination referred to in paragraph (b)(2)(A)(i) or (A)(ii) if the member has chosen to haircut them pursuant to paragraph (d)(20)(B)(ii) of this Rule.  To be included in a combination referred to in paragraph (b)(2)(A)(ii), option positions must be in the Counterparty’s margin account at the member.  No SBS, security or option position may be included in more than one combination referred to in paragraph (b)(2)(A)(i) or (A)(ii), nor may such combinations include any securities or options positions for which reduced margin requirements are computed under paragraphs (e)(1) or (f)(2)(F)(ii) through (f)(2)(I) of Rule 4210.  When an Initial Margin Requirement is computed on a combination referred to in paragraph (b)(2)(A)(i) or (A)(ii) that includes securities or options positions in the Counterparty’s margin account, the Initial Margin Requirement on the Uncleared SBS included in that combination shall be equal to such Initial Margin Requirement computed on the combination, reduced (but not below zero) by the aggregate Rule 4210 maintenance margin requirements applicable to such margin account positions. 
(C)  Initial Margin Requirements for SBS Other Than Basic CDS and Basic SBS
Any member may apply to FINRA for the approval of an Initial Margin Requirement for a type of SBS other than Basic CDS and Basic SBS.  Any such application must: 
(i)  define the specific type of SBS covered by the application;
(ii)  describe the purpose(s) that the member and its Counterparties would have for entering that type of SBS;
(iii)  identify all variables that influence the value of that type of SBS;
(iv)  explain all risks of that type of SBS; 
(v)  propose a specific Initial Margin Requirement (not a margin model) for that type of SBS;
(vi)  explain how the proposed specific Initial Margin Requirement would adequately protect a member and its capital against each of those risks; 
(vii)  attach copies of the member’s SBS risk management procedures and describe the application of those procedures to that type of SBS; and
(viii)  provide the results of backtesting of the proposed specific Initial Margin Requirement over periods of significant volatility in the variables influencing the value of that type of SBS.
If FINRA approves any such application, such approval: (a) may be unconditional or conditional, including in the form of a time-limited pilot program; (b) may approve the use of the specific Initial Margin Requirement only by the applicant; or (c) may take the form of a regulatory notice or other communication approving the use of the specific margin requirements by members generally.  No member shall become a party to an SBS other than a Basic CDS or Basic SBS unless FINRA has approved an Initial Margin Requirement for such member’s use with respect to that type of SBS. 
(3)  Collection or Delivery of Variation and Initial Margin
Subject to paragraph (b)(5) of this Rule: 
(A)  Variation Margin
Each member shall deliver or return to each Counterparty cash or margin securities with a Value equal to the Counterparty’s Current Exposure (if any) to the member; or collect or retrieve from the Counterparty cash or margin securities with a Value equal to the member’s Current Exposure (if any) to the Counterparty; 
(B)  Initial Margin
Each member shall collect from each Counterparty cash or margin securities with a Value at least equal to any Initial Margin Deficit; and
(C)  SBS Guarantees
Each member that guarantees, or otherwise becomes responsible for, the obligations under one or more Uncleared SBS that one party (the “Primary Obligor”) has to the other party (the “Beneficiary”), shall be required to collect Variation Margin and Initial Margin from the Primary Obligor to the extent such collection would be required if those Uncleared SBS were between the Primary Obligor and the member (rather than the Beneficiary), unless the member can establish that such margin has been delivered by or on behalf of the Primary Obligor to the Beneficiary (and not returned or applied). 
(4)  Manner and Time of Collection or Delivery of Variation and Initial Margin; Prohibited Returns and Withdrawals  
(A)  Variation Margin or Initial Margin is deemed collected from a Counterparty, or returned to the member, when it is received by the member for the Counterparty’s Uncleared SBS Account, or when it is transferred to the Counterparty’s Uncleared SBS Account from another account at the member.
(B)  Variation Margin is deemed delivered to a Counterparty, and Variation Margin or Initial Margin is deemed returned to the Counterparty, when it is transferred from the Counterparty’s Uncleared SBS Account in a manner consistent with the Counterparty’s instructions or agreement with the member, including when it is transferred to another account of the Counterparty carried by the member if that is consistent with the Counterparty’s instructions or agreement with the member.
(C)  Margin required to be collected or delivered by paragraph (b)(3) of this Rule shall be collected or delivered as promptly as possible and no later than the close of business on the business day after the date as of which the relevant Current Exposure or Initial Margin Requirement was required to be computed.  Unless FINRA has specifically granted the member additional time, any member that has not collected any Initial Margin or Variation Margin required to be collected under paragraph (b)(3) by the close of business on the third business day after the date as of which the relevant Current Exposure or Initial Margin Requirement was required to be computed, shall take prompt steps to liquidate positions in such Counterparty’s Uncleared SBS Account to the extent necessary to eliminate the margin deficiency. 
(D)  If member is required by paragraph (b)(3)(A) of this Rule to deliver or return Variation Margin to the Counterparty and is also required by paragraph (b)(3)(B) of this Rule to collect Initial Margin from the Counterparty, the member shall net the delivery or return of Variation Margin against the collection of Initial Margin.  If a member is required by paragraph (b)(3)(A) to collect or retrieve Variation Margin from the Counterparty and, giving effect to such collection or retrieval, would be permitted to return Initial Margin to the Counterparty, the member may net the return of Initial Margin against the collection or retrieval of Variation Margin. 
(E)  A member may not return Initial Margin to a Counterparty, nor permit a Counterparty to make a withdrawal from the Counterparty’s margin account at the member, if such return or withdrawal, together with all other transactions, transfers, deposits and withdrawals on the same day, would create or increase an Initial Margin Deficit. 
(5)  Exceptions 
(A)  Clearing Agencies
A member is not required to deliver Variation Margin to, or collect Initial Margin or Variation Margin from, any Clearing Agency, and is not required to deduct otherwise required Variation Margin or Initial Margin in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a). 
(B)  Legacy SBS
A member may omit all (but not less than all) Legacy SBS with a Counterparty from the Counterparty’s Uncleared SBS Account when computing Current Exposure under paragraph (b)(1) of this Rule and the Initial Margin Requirement under paragraph (b)(2) of this Rule, provided that (i) it collects and delivers margin on Legacy SBS to the extent of its contractual rights or obligations to do so and (ii) in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it deducts the amount of any additional Variation Margin and Initial Margin it would have been required to collect under paragraph (b)(3) of this Rule if the Legacy SBS had been included in the Counterparty’s Uncleared SBS Account.
(C)  Multilateral Organizations
A member is not required to deliver Variation Margin to, or collect Initial Margin or Variation Margin from, any Multilateral Organization, provided that, in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it deducts the amount of any Variation Margin and Initial Margin it would otherwise be required to collect under paragraph (b)(3) of this Rule. 
(D)  Financial Market Intermediaries
A member must deliver Variation Margin to, and collect Variation Margin from, a Counterparty that is a Financial Market Intermediary as required by paragraph (b)(3)(A) of this Rule.  However, it is not required to collect Initial Margin from such a Counterparty provided that, in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it deducts the amount of any Initial Margin it would otherwise be required to collect under paragraph (b)(3)(B) of this Rule.  
(E)  Sovereign Counterparties
A member must deliver Variation Margin to, and collect Variation Margin from, a Sovereign Counterparty as required by paragraph (b)(3)(A) of this Rule.  However, if the member has determined pursuant to policies and procedures or credit risk models established pursuant to SEA Rule 15c3-1(c)(2)(vi)(I) that the Sovereign Counterparty has only a minimal amount of credit risk, the member is not required to collect Initial Margin from such Sovereign Counterparty provided that, in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it deducts the amount of any Initial Margin it would otherwise be required to collect under paragraph (b)(3)(B) of this Rule.  
(F)  Majority Owners
A member must deliver Variation Margin to, and collect Variation Margin from, a Counterparty that is a direct or indirect owner of a majority of the equity and voting interests in the member as required by paragraph (b)(3)(A).  However, it is not required to collect Initial Margin from such a Counterparty provided that, in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it deducts the amount of any Initial Margin it would otherwise be required to collect under paragraph (b)(3)(B).
(G)  ANC Firms Transacting with Majority Owners or Registered or Foreign SBS Dealers under Common Ownership
A member approved to use the alternative method of computing net capital pursuant to SEA Rule 15c3-1e must deliver Variation Margin to, and collect Variation Margin from, a Counterparty that is either (i) a direct or indirect owner of a majority of the equity and voting interests in the member, or (ii) a Registered or Foreign SBS Dealer a majority of whose equity and voting interests are directly or indirectly owned by such a direct or indirect owner of the member, in each case as required by paragraph (b)(3)(A).  However, it is not required to collect Initial Margin from such a Counterparty provided that, in the computation of its net capital under SEA Rule 15c3-1 or, if applicable, FINRA Rule 4110(a), it takes a deduction for credit risk on transactions with such Counterparty computed in accordance with SEA Rule 15c3-1e(c).
(H)  Portfolio Margin
This Rule 4240 shall not apply to any unlisted derivative, as defined in Rule 4210(g)(2)(H), carried by a member in a portfolio margin account subject to the requirements of Rule 4210(g) if such unlisted derivative is of a type addressed in the comprehensive written risk analysis methodology filed by the member with FINRA in compliance with Rule 4210(g)(1).  This Rule 4240 also shall not apply to any SBS carried in a commodity account or other account under the jurisdiction of the Commodity Futures Trading Commission in accordance with an SEC rule, order, or no-action letter permitting SBS and swaps to be carried and portfolio margined together in such an account. 
(c)  Risk Monitoring Procedures and Guidelines 
Members shall monitor the risk of any Uncleared SBS Accounts and shall maintain a comprehensive written risk analysis methodology for assessing the potential risk to the member's capital over a specified range of possible market movements over a specified time period.  For purposes of this Rule, members must employ the risk monitoring procedures and guidelines set forth in paragraphs (c)(1) to (13).  The member must review, in accordance with the member's written procedures, at reasonable periodic intervals, the member's SBS activities for consistency with the risk monitoring procedures and guidelines set forth in this Rule, and must determine whether the data necessary to apply the risk monitoring procedures and guidelines is accessible on a timely basis and information systems are available to adequately capture, monitor, analyze and report relevant data, including: 
(1)  obtaining and reviewing the required documentation and financial information necessary for assessing the amount of credit to be extended to SBS Counterparties;
(2)  determining and documenting the legal enforceability of netting or collateral agreements, including enforceability in the event a Counterparty becomes subject to bankruptcy or other insolvency proceedings;
(3)  assessing the determination, review and approval of credit limits to each Counterparty, and across all Counterparties;
(4)  monitoring credit risk exposure to the member from SBS, including the type, scope and frequency of reporting to senior management;
(5)  the use of stress testing of accounts containing SBS contracts in order to monitor market risk exposure from individual accounts and in the aggregate;
(6)  managing the impact of credit extended related to SBS contracts on the member's overall risk exposure;
(7)  determining the need to collect additional margin from a particular customer or broker or dealer, including whether that determination was based upon the creditworthiness of the customer or broker or dealer and/or the risk of the specific contracts;
(8)  determining the need for higher margin requirements than required by this Rule and formulating the member’s own margin requirements, including procedures for identifying unusually volatile positions, concentrated positions (with a particular Counterparty and across all Counterparties and customers), or positions that cannot be liquidated promptly;
(9)  monitoring the credit exposure resulting from concentrated positions with a single Counterparty and across all Counterparties, and during periods of extreme volatility; 
(10)  identifying any Uncleared SBS Accounts with intraday risk exposures that are not reflected in their end of day positions (e.g., Uncleared SBS Accounts that frequently establish positions and then trade out of, or hedge, those positions by the end of the day) and collecting appropriate margin to address those intraday risk exposures;
(11)  identifying any Uncleared SBS Account that, in light of current market conditions, could not be promptly liquidated for an amount corresponding to the Current Exposure computed with respect to such account and determining the need for higher margin requirements on such accounts or the positions therein;
(12)  maintaining sufficient Initial Margin in the accounts of each Counterparty to protect against the largest individual potential future exposure of an Uncleared SBS in such Counterparty’s Uncleared SBS Account, as measured by computing the largest maximum possible loss that could result from the exposure; and
(13)  increasing the frequency of calculations of Current Exposure and Initial Margin Requirements during periods of extreme volatility and for accounts with concentrated positions. 
(d)  Definitions
For purposes of this Rule, the following terms shall have the meanings specified below:
(1)  The term “Basic CDS” means a Basic Single-Name Credit Default Swap or a Basic Narrow-Based Index Credit Default Swap.  For this purpose: 
(A)  The term “Basic Narrow-Based Index Credit Default Swap” means an SBS consisting of multiple component Basic Single-Name Credit Default Swaps; and
(B)  The term “Basic Single-Name Credit Default Swap” means an SBS in which one party pays either a single fixed amount or periodic fixed amounts or floating amounts determined by reference to a specified notional amount, and the other party pays either a fixed amount or an amount determined by reference to the value of one or more loans, debt securities or other financial instruments issued, guaranteed or otherwise entered into by a third party (the “Reference Entity”) upon the occurrence of one or more specified credit events with respect to the Reference Entity (for example, bankruptcy or payment default).  The term “Basic Single-Name Credit Default Swap” also includes a swap that, upon the occurrence of one or more specified credit events with respect to the Reference Entity, is physically settled by payment of a specified fixed amount by one party against delivery by the other party of eligible obligations of the Reference Entity.  
(2)  The term “Basic SBS” means an SBS, other than a credit default swap, under which each party is contractually obligated to provide the other the economic equivalent of a margin account containing a portfolio of long or short positions in securities or options (the “Equivalent Margin Account”).   
(3)  An SBS is “Cleared” if it is cleared through a Clearing Agency by or on behalf of the member.
(4)  The term “Clearing Agency” means a clearing agency registered pursuant to Exchange Act section 17A or exempted by the SEC from such registration by a rule or order pursuant to Exchange Act section 17A.
(5)  The term “Counterparty” means a person with whom a member has entered into an Uncleared SBS.
(6)  The term “Current Exposure” has the meaning given it in paragraph (b)(1) of this Rule.  
(7)  The term “Equivalent Margin Account” with respect to a Basic SBS has the meaning given such term in the definition of “Basic SBS” in paragraph (d)(2) of this Rule.
(8)  The term “Financial Market Intermediary” means a security-based swap dealer, swap dealer, broker or dealer, futures commission merchant, bank, foreign bank, or foreign broker or dealer.
(9)  The term “Initial Margin” means all cash or margin securities, excluding Variation Margin, received by the member for a Counterparty’s Uncleared SBS Account or transferred to the Counterparty’s Uncleared SBS Account from another account at the member, including margin collected from a Counterparty in accordance with paragraph (b)(3)(B) of this Rule, that in each case have not been returned to the Counterparty or applied to an obligation of the Counterparty.
(10)  The term “Initial Margin Deficit” means the amount, if any, by which (A) the sum of the Value of the Initial Margin in an Uncleared SBS Account and the Counterparty’s Rule 4210 Excess is less than (B) the Initial Margin Requirement for the Uncleared SBS Account.
(11)  The term “Initial Margin Requirement” has the meaning given it in paragraph (b)(2)(A) of this Rule.
(12)  The term “Legacy SBS” means an Uncleared SBS entered into before April 6, 2022.
(13)  The term “Multilateral Organization” means the Bank for International Settlements, the European Stability Mechanism, the International Bank for Reconstruction and Development, the Multilateral Investment Guarantee Agency, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, the Nordic Investment Bank, the Caribbean Development Bank, the Islamic Development Bank, the Council of Europe Development Bank, or any other multilateral development bank that provides financing for national or regional development in which the U.S. government is a shareholder or contributing member.
(14)  The term “Registered or Foreign SBS Dealer” means (A) any person registered with the Commission as a security-based swap dealer, or (B) any foreign person if the Commission has made a substituted compliance determination under SEA Rule 3a71-6(a)(1) that compliance by a registered security-based swap dealer or class thereof with specified requirements of a foreign regulatory system that are applicable to such foreign person may satisfy the capital requirements of Exchange Act section 15F(e) and SEA Rule 18a-1 that would otherwise apply to such security-based swap dealer or class thereof.
(15)  A Counterparty’s “Rule 4210 Excess” is the amount, if any, by which the equity (as defined in Rule 4210(a)(5)) in the Counterparty’s margin account at the member exceeds the amount required by Rule 4210.
(16)  The term “SBS” or “security-based swap” means a “security-based swap” as defined in Exchange Act section 3(a)(68).  
(17)  The term “Sovereign Counterparty” means Counterparty that is a central government (including the U.S. government) or an agency, department, ministry, or central bank of a central government.
(18)  An SBS is “Uncleared” if it is not Cleared.
(19)  The term “Uncleared SBS Account” means an account with respect to a Counterparty consisting of:
(A)  All Uncleared SBS between the member and the Counterparty;
(B)  Long positions for all Variation Margin in the form of securities, and a credit balance for all Variation Margin in the form of cash, in each case collected from the Counterparty and not returned to, or applied to an obligation of, the Counterparty;
(C)  Short positions for all Variation Margin in the form of securities, and a debit balance for all Variation Margin in the form of cash, in each case delivered to the Counterparty and not returned to, or applied to an obligation of, the member; and
(D)  Long positions for all Initial Margin in the form of securities, and a credit balance for all Initial Margin in the form of cash, in each case collected from the Counterparty and not returned to, or applied to an obligation of, the Counterparty. 
(20)  The term “Value” means: 
(A)  With respect to one or more outstanding SBS with a Counterparty, a reasonable estimate of the amount of U.S. dollars that the member would receive (expressed as a positive amount) or pay (expressed as a negative amount) to enter at mid-market prices into one or more replacement SBS collectively providing the equivalent of the material terms of such existing SBS; 
(B)  With respect to a security position: 
(i)  the current market value of those margin securities, as defined in Rule 4210(a)(2), determined in accordance with Rule 4210(f)(1); or 
(ii)  at the member’s option with respect to any margin securities collected as Variation Margin or Initial Margin, means the current market value of those margin securities, as defined in Rule 4210(a)(2) and determined in accordance with Rule 4210(f)(1), reduced (“haircut”) by the margin requirement that would be applicable to such securities under Rule 4210 if they were held in the Counterparty’s margin account;
(C)  With respect to cash in U.S. dollars, the amount of such cash; and 
(D)  With respect to a freely convertible foreign currency, the amount of U.S. dollars into which such currency could be converted, provided the currency is marked-to-market daily.
(21)  The term “Variation Margin” means cash or margin securities collected from, or delivered to, a Counterparty in accordance with paragraph (b)(3)(A) of this Rule. 

• • • Supplementary Material: --------------

.01 Good Faith Account. A Regulation T good faith account, other than a non-securities account, is a margin account for purposes of Rule 4240.

Amended by SR-FINRA-2021-008 eff. April 6, 2022.
Amended by SR-FINRA-2021-021 eff. Sept. 1, 2021.
Amended by SR-FINRA-2020-016 eff. July 20, 2020.
Amended by SR-FINRA-2019-016 eff. July 18, 2019.
Amended by SR-FINRA-2018-025 eff. July 18, 2018.
Amended by SR-FINRA-2017-019 eff. July 18, 2017.
Amended by SR-FINRA-2016-020 eff. July 18, 2016.
Amended by SR-FINRA-2015-013 eff. July 17, 2015.
Amended by SR-FINRA-2014-029 eff. June 23, 2014.
Amended by SR-FINRA-2013-030 eff. July 11, 2013.
Amended by SR-FINRA-2013-017 eff. Mar. 8, 2013.
Amended by SR-FINRA-2012-035 eff. July 13, 2012.
Amended by SR-FINRA-2012-015 eff. Mar. 7, 2012.
Amended by SR-FINRA-2012-014 eff. Jan. 17, 2012.
Amended by SR-FINRA-2011-034 eff. July 16, 2011.
Amended by SR-FINRA-2010-063 eff. Nov. 22, 2010.
Amended by SR-FINRA-2009-063 eff. Sep. 21, 2009.
Adopted by SR-FINRA-2009-012 eff. June 3, 2009.

Selected Notices: 09-30, 11-31.

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