1.02 These Guidelines set out the requirements for– (a) the registration of a person as a recognized market operator (RMO); and (b) ongoing requirements applicable to a RMO. xref Generally, companies are only able to distribute dividends to its shareholders from its profits. 0000080469 00000 n If Yes (please complete the following) ... 6 & 7 of CMSA 2007, we shall separately inform the UOB Kay Hian Securities (M) Sdn. Guidelines on Recognised Market Guidelines on Registration of Shariah Advisors Issued by SCM under section 377 of CMSA 2007 Any person seeking to advise on the issuance of Shariah-based ICM products or services is required to be a registered Shariah adviser Three categories of registered Shariah Adviser: i. … IMPORTANT: You must read the … The Securities Commission Malaysia (SC) is the sole licensing authority that licenses capital market intermediaries engaged in regular activities. Bhd.(UOBKH). Typically, in the event of default or upon occurrence of a prescribed event (if any), the CN shall be redeemed by the issuer by paying the subscription amount of the outstanding CN, computed at an agreed rate (together with any accrued and unpaid interest). Services Act 2007 (“CMSA”) included “dealing in securities” and “trading in futures contracts”. However, this does not apply to issue of non-tradeable Ringgit denominated CN to a non-resident entity outside the issuer’s group or a non-resident financial institution). The Capital Markets and Services Act 2007 (“CMSA”) ... person who committed the offence of insider trading may recover the amount of loss or damage . 0000005524 00000 n Is the Applicant a “U.S. The employee must be able to lift and/or move up to 25 pounds to shoulder height, up 50 pounds to waist height, and up to 100 pounds up to 9” off the ground … 5.1  With the introduction of the BNM Foreign Exchange Policies Refinement, it is now clarified that foreign Specific Registered Persons are able to invest in ringgit denominated unlisted capital market products such as redeemable preference shares and convertible notes in any amount without any limit. 1.2  BNM Foreign Exchange Policies Refinement and LOLA Framework Enhancement are certainly initiatives welcomed by the industry, especially local business corporations or foreign business entities investing in Malaysia who face liquidity or funding issues during the Covid-19 pandemic. Previously, residents can only obtain financial guarantees up to an aggregate limit of RM100 million. With this relaxation, local business entities will be able to obtain greater support from other non-resident entities for their operations in Malaysia. 1.3  Please refer to our earlier article for further information. All Rights Reserved. The banks are required to comply with the requirements under the CMSA, notwithstanding that the banks may be exempted from certain licensing requirements thereunder. ����k "�u� The Case Management Society of America (CMSA) facilitates the growth and development of professional case managers across the full health care continuum, promoting high quality, ethical practice benefitting patients and their families. Conduct of litigation E+W. and about the organisational structure of the CMSA. 1.04 These Guidelines seek to replace the Guidelines … Services Act 2007 (CMSA) read together with subdivision 4, division 2 of Part II CMSA. H�\�݊�@��}�����Z]A�dr�?lv�h'+lT����o�0H�v�W�tw��nv��ih�av�o�p�S�)\�>�r�v��q��6�zL����6��?IU��G�w���{ڶ�)׆s������\�{9��~7?^�O�|����uF�fh�m��0��%$�*~6�z��M����Z�����������j�"+Y�k�\�K�����{�� �N�U���9��\�����L�n�� L��=x[�L�>B���A� t8B���A� �+�+�+�+�G��0A>�|�}>��x�����������������㙃G��� a result of the BNM Foreign Exchange Policies Refinement, the key ones include: esidents are now free to obtain financial guarantee from non-residents for any amount. Under the CMSA single licensing regime, capital market intermediaries (ii)  in any other case, the company will be able to pay its debts as the debts become due during the period of 12 months immediately following the redemption. Her Excellency the Governor General in Council, on the recommendation of the Minister of National Revenue and the Minister for International Trade, pursuant to subsection 16(1), paragraph 100(1)(b) and section 107 of the Softwood Lumber Products Export Charge Act, 2006 Footnote a, hereby makes the annexed … 3.1  Under the Capital Markets & Services Act 2007 (“CMSA”), a person who intends to make available, offer or subscription or purchase unlisted capital market products shall seek authorisation of the SC pursuant to section 212(5) of the CMSA (“SC Authorisation Requirement”) , unless any exemptions under Schedule 5 of the CMSA is applicable. Please refer to our circular No. The employee frequently is required to stand, walk, sit, reach with hands and arms, and smell. Be that as it may, as discussed in this article, each instrument carries with it different benefits and drawbacks. DGBA.CDD No. Council or by any person acting on behalf of Carlow County Council. Exempted from tax, therefore country does not issue TIN; OR Others: ) 5. faqs on exempt persons (updated on 11 april 2012) frequently asked questions (“faqs”) on entities exempt under the following provisions - paragraphs 4(1)(c)1, 5(1)(d)2 and 7(1)(b) 3 of the second schedule to the securities and futures (licensing and conduct of business) loan capital introduction company usually incorporated to conduct needs funding and basically there are source of funding, that is from the issue of shares and Capital Markets and Services Act 2007 (CMSA). The Capital Markets and Services Act 2007 (“CMSA”) and the Main Market Listing ... Civil Liability under the CMSA A person who suffers loss or damages by reason of, or by relying on the conduct of another person who committed the offence of insider trading may recover the amount of loss or damage . Corporation iii. 2007-112 2007-02-01. Prescription of securities, derivatives and capital market products 6. 5.3  The BNM Foreign Exchange Policies Refinement and LOLA Framework Enhancement implemented by the BNM and the SC respectively collectively provide greater cost and administrative efficiency for local business entities to seek funding from local and foreign venture capital firms or private equity firms registered with the SC, and are definitely initiatives much applauded by the industry. Though the provisions relating to gift applies in case of every person, but it has been reported that gifts by a resident person to a non-resident are claimed to be non-taxable in India as the income does not accrue or arise in India. If you have any questions about fundraising by way of issuance of redeemable preference shares or convertible notes or the LOLA Guidelines in general, please do not hesitate to contact us. Unit Trust Funds In Malaysia A unit trust is a form of collective investment constituted under a trust deed. P.C. 2.1  Certain amendments have been introduced as. 28 April 2020, we saw the Securities Commission of Malaysia (“SC“) rolled out certain amendments to the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (LOLA Guidelines) (“LOLA Framework Enhancement”). Subject to prescribed limitations and adherence to certain procedures under the Companies Act 2016, a company generally may not: (a)  purchase its own shares or redeem its preference shares; (c)  provide financial assistance to a third party to purchase its shares. resident dealing with a resident) would be completely exempt from the CMSA. CMSA provides services for members through its market practice and regulatory policy activities in Nigeria and works as closely as possible with members through its committees and working groups which enable interested members to provide expert input into CMSA… Please clarify whether this is the intent. feel and talk or hear in person or on the telephone or radio. The individual to be appointed must meet the following criteria: 1. These guidelines areto be complied with by any person intending to act as a private retirement scheme provider (PRS Provider) in establishing, offering or providing a private retirement scheme to or hold himself as establishing, offering or providing a Scheme as well as the requirements to be complied with by a Scheme Trustee. Short title, commencement and application 1 2. 1.2  The above remains subject to (i) the Specific Registered Persons satisfying the criteria under Part I of Schedule 6 and/or Part I of Schedule 7 of the Capital Markets Services Act 2007 (the “CMSA”); and (ii) the terms and conditions of the issuance of convertible notes being in compliance with certain prescribed criteria. startxref No approval or registration will be required. 3.2  Of such exemptions, one that is often relied on by the industry is Part I of Schedule 5, which provides that any issuance or offer made (i) to persons specified in Part I of Schedule 6 or Part I of Schedule 7 of the CMSA; and (ii) in compliance with the requirements of the LOLA Guidelines, shall be exempted from the SC Authorisation Requirement. 3.3  Therefore, previously, for any issuance of unlisted capital market products (including convertible notes) to a venture capital firm or private equity firm (who satisfies the criteria set out under Part I of Schedule 6 or Part I of Schedule 7 of the CMSA) must observe certain requirements under the LOLA Guidelines, the key ones include: (a)  identification of all responsible parties accountable or responsible in the lifecycle of an unlisted capital market product, which may include without limitation the issuer itself and a person licensed by or registered with the SC (“Responsible Parties”); (b)  lodgement concerning the unlisted capital market products must be made by a principal adviser (being a person licensed to carry out the regulated activity of advising on corporate finance and eligible to act as principal adviser pursuant to the Principal Adviser Guidelines); and. 0000000016 00000 n Statement to Shareholders prior to its issuance as it is an exempt document pursuant to Paragraph 2.1 of Practice Note 18 of the Listing Requirements for the Main Market of Bursa Malaysia Securities Berhad. Under the CMSA single licensing regime, capital market intermediaries Companies whose shares are quoted in a local or foreign stock exchange. The employee frequently is required to stand, walk, sit, reach with hands and arms, and smell. Pursuant to the refinement of the foreign exchange policies which came into effect on 30 April 2020 (“Refined BNM Foreign Exchange Policies”), the Bank Negara Malaysia (BNM) clarified that a resident entity is allowed to borrow in Ringgit in any amount from a non-resident through issuance of RPS. trailer %PDF-1.4 %���� 3.3  Pursuant to section 72(5) of the Companies Act 2016 amended pursuant to the Companies (Amendment) Act 2019, where RPS are redeemed out of profits of the issuer which would otherwise have been available for dividend, there shall be transferred into the share capital accounts of the issuer, a sum equal to the amount of shares redeemed. Exempted from CMA Foundation Course. 0000001147 00000 n 2) Act, 2019 has inserted a new clause (viii) under Section 9 … Interest in securities 5. 0000002114 00000 n Redeemable Preference Shares vs Convertible Notes – Which Works Better For Your Investment or Fundraising? Scribd è il più grande sito di social reading e publishing al mondo. 0000001576 00000 n THE INVESTMENTS AND SECURITIES ACT, 2007 EXPLANATORY MEMORANDUM The Act, amongst other things, provides for- (a) the establishment of Securities and Exchange Commission; (b) the repeal of the Investments and Securities Act 1999; (c) the enlarged powers and functions of the Commission over the capital market ; and (d) a set of new market infrastructures and wide-ranging system of regulation … However, the control exercised by the CN holders over the affairs of the issuer may be enshrined in the terms of the issuance, such as inclusion of certain protective provisions that may limit the issuer’s ability to carry out certain corporate exercises without the blessing of the CN holders. The CMSA offers examinations and regulates post graduate training in all medical specialisations. As the official journal of the Case Management Society of America (CMSA), Professional Case Management: The Leader in Evidence-Based Practice is a peer-reviewed, contemporary journal that crosses all case management settings. 76 0 obj<>stream The Islamic capital market in Malaysia falls under the ambit of the Capital Markets and Services Act 2007 (CMSA), which is administered by the SC. 3. cmsa 1.1  On 30 April 2020, Bank Negara Malaysia (BNM) issued updates and amendments to the Foreign Exchange Policies with a view to improving business efficiency and providing flexibility for corporations to better manage their foreign exchange risk exposures (“BNM Foreign Exchange Policies Refinement”). under other category as provided in schedule 6 & 7 of CMSA 2007, I shall separately inform the UOB Kay Hian Securities (M) Sdn. Making a return by a person in respect of rental income from immovable property: Repair and maintenance of machinery which is not permanently installed (this related to goods) 6: Services relating to events: Events covered are: cultural artistic, sporting, scientific, Educational, entertainment event, conference, fair, exhibition or similar events. This article provides a quick overview on the positive impacts of such initiatives by the BNM and the SC. under other category as provided in schedule 6 & 7 of CMSA 2007, I shall separately inform the UOB Kay Hian Securities (M) Sdn. To ensure that such gifts made by residents to a non-resident person are subjected to tax in India, the Finance (No. Capital Markets and Services Act 2007 (as amended from time to time) (“CMSA”). (c)  use of Fully Automated System for Issuing/Tendering (FAST) and the Real Time Electronic Transfer of Funds and Securities (RENTAS) system operated by Paynet to facilitate the issuance of the unlisted capital market products on a scripless basis. Bhd.(UOBKH). Bursa Securities takes no responsibility for the contents of this Circular, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Circular. RPS generally carry preferential dividend (cumulative or non-cumulative). 56 0 obj <> endobj 2) Regulations 2007 states that the following water supplies are exempt from supervision under the legislation: 1. private wells serving domestic dwellings, and 2. small group water schemes (serving less than 15 houses) with no commercial activity. issuance as it is prescribed as an Exempt Circular. 1.02 These guidelines replace and supersede the . Unit trusts are open-ended investments. Towards that end, CMSA ensures that its supervisory staff receives training in recognizing and preventing workplace harassment at least … If permitted under the terms, RPS can be convertible into ordinary shares at such term and during such period as may be agreed between the parties. However, if an exceptional situation arise that compels the director to deal during … Scholarship and awards, etc. 2 by instituting civil proceedings against the other person. This enable Malaysia-based entities to better support their operations in other jurisdictions. The Securities Commission Malaysia (SC) is the sole licensing authority that licenses capital market intermediaries engaged in regular activities. agents have been exempted from being an investment adviser, but they cannot call themselves ... if a person has both licenses the issue does not arise. If you have any queries on the BNM Foreign Exchange Policies Refinement or the LOLA Framework Enhancement, please do not hesitate to contact us. Registrars want and need feedback on their clinical practice in order to learn. 2.2  The refined BNM Foreign Exchange Policies further clarify that a resident is now allowed to borrow in Ringgit in any amount from a non-resident through the issuance of redeemable preference shares or Islamic redeemable preference shares or Ringgit corporate bond or sukuk pursuant to the relevant guidelines issued by the Securities Commission (referring to the LOLA Guidelines), excluding non-tradeable Ringgit corporate bond or sukuk issued to a non-resident entity outside the resident entity’s group or a non-resident financial institution. 4.2  Such exemptions see the following benefits come into play: (a)  identification of Responsible Parties by the issuer of the convertible notes will no longer be required; (b)  a business corporate may now conduct the lodgement to the SC by way of e-mail for the launch of its conventional convertible notes without the appointment of a principal adviser; (c)  the lodgement fees payable to the SC will no longer be applicable; and. Before determining a fundraising or investment structure and the instrument to be used, the relevant stakeholders should consider the relevant factors, premised on the financial position, capabilities and commercial goals of the parties involved. Generally, RPS holders have no right to vote on a resolution as that of ordinary shares at a general meeting of the issuer. (a)  identification of all responsible parties accountable or responsible in the lifecycle of an unlisted capital market product, which may include without limitation the issuer itself and a person licensed by or registered with the SC (“, 2.2  We set out below a brief overview of the matters which a venture capital firm or private equity firm or investee company wish to consider when deciding between issuance of redeemable preference shares (“, BNM Foreign Exchange Policies Refinement and LOLA Framework Enhancement. Take Over • Person acting in Concert S216(2) CMSA 2007 “person acting in concert ” means person who pursuant to an agreement, arrangement or understanding, co-operate to:-(a)Acquire jointly or severally voting shares of a company for the purpose of obtaining control of that company; (b)Act jointly or severally for the purpose of exercising control over a company. 2.1  Under the LOLA Framework Enhancement, the Securities Commission clarified in the FAQ on the Requirements of the LOLA Guidelines (click here) that currently only conventional convertible notes may be issued under the enhanced LOLA Guidelines, although the Securities Commission acknowledged that this may change subject to a revision to the LOLA Guidelines in the future. (b)  On the same vein, residents are now free to issue financial guarantee to non-residents for any amount, subject to certain exceptions, such as, where the financial guarantee is issued to secure: (i)  foreign currency borrowing obtained by a non-resident special purpose vehicle from a non-related non-resident entity, external borrowing limit under Notice 2 will be applicable; and. It is the custodian of the quality of medical care in South Africa and is unique in the world in that it embraces 28 constituent Colleges representing all the disciplines of medicine and dentistry. Under such initiative, business entities are now permitted to issue conventional convertible notes to venture capital firms and private equity firms registered with the Securities Commission under the Guidelines of Registration of Venture Capital and Private Equity Corporations and Management Corporation (“Specific Registered Persons”), without compliance of certain requirements set out under the LOLA Guidelines, making such fundraising process more administrative and cost efficient (“LOLA Framework Enhancement”). None (exempted under Section 2A(2) of the Moneylenders Act pursuant to P.U. Previously, residents can only obtain financial guarantees up to an aggregate limit of RM100 million. Please refer to Paragraph 3 of this article concerning capital maintenance rules under the Companies Act 2016 which may impede the flexibility of redemption of RPS. 4.1  The LOLA Framework Enhancement permits any business corporation who issues conventional convertible notes to venture capital firms and private equity corporations registered with the SC under the Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations (“Specific Registered Persons”) to be exempted from the Relevant LOLA Requirements, subject to certain criteria (“Eligibility Criteria“). The RPS holders may be able to vote on matters relating to their respective class of shares provided that such rights are stated in the Constitution as required under section 90(4) of the Companies Act 2016. 1.04 These Guidelines seek to replace the Guidelines … A private scheme administrator approved under the CMSA. The employee frequently is required to stand, walk, sit, reach with hands and arms, and smell. Amendments to the constitution of the issuer to reflect the rights of the RPS holders or CN holders. The CMSA offers examinations and regulates post graduate training in all medical specialisations. “debenture” under the Capital Markets and Services Act 2007 (“CMSA”)) to a VC the prior approval or acknowledgment of the SC pursuant to Section 212(5) ... exempted under the CMSA Yes, unless exempted under the CMSA ... reference to a "partner" means a person who is a partner or equivalent in such a law firm. Satisfy the minimum academic qualification and examination requirements as set out in Notice SFA 04-N09 Minimum Entry and Examination Requirements for Representatives of Holders of Capital Markets Services Licence and Exempt Financial Institutions. 0000041374 00000 n CAPITAL MARKETS AND SERVICES ACT 2007 ARRANGEMENT OF SECTIONS Part I PRELIMINARY Section 1. 1.3 General Information Directors are encouraged to conduct their dealings in securities during trading window period and recommended to refrain from dealing during closed period. 3.3 “Person” includes a company, a body of persons, a limited liability partnership and a corporation sole. A person who is specified under Schedule 3 of the CMSA is exempted from the licensing requirement under the limited circumstances set out in the schedule. 0000088252 00000 n The rules of equity and of common law applicable to partnerships as modified by the Partnership Law but excluding sections 31, 45 to 54 and 56 to 57 shall apply to an exempted limited … RBI/2007-08/141 with reference No. Declaration in form 15G can be accepted from a person not being a company or a firm if . 0000002360 00000 n ... (No. [list is exhaustive]except entertainment event [exempt as … 3.1 Under the Capital Markets & Services Act 2007 (“CMSA”), a person who intends to make available, offer or subscription or purchase unlisted capital market products shall seek authorisation of the SC pursuant to section 212(5) of the CMSA (“SC Authorisation Requirement”) , unless any exemptions under Schedule 5 of the CMSA is applicable. 56 21 Notwithstanding, the preference shares may still carry certain voting rights which must be specified in the Constitution of the issuer. b. the aggregate of … 5.4  Please refer to our next article for insights relating to the matters to be considered in choosing between redeemable preference shares and convertible notes as investment / fundraising instrument. Previously, residents can only issue financial guarantees up to aggregate limit of RM50 million. (d)  the issuance of the convertible notes will no longer be subject to the use of FAST and RENTAS system, rendering the fund raising process by the business entities to be more cost and administrative efficient. The Islamic capital market in Malaysia falls under the ambit of the Capital Markets and Services Act 2007 (CMSA), which is administered by the SC. Under the Capital Markets and Services Act 2007 (CMSA), An appropriate license is required for anyone wishing to carry out capital market activities (unless a registered person). The website provides information about the different colleges, examinations, examination schedules, etc. The Bill extends the regulated activities to “dealing in derivatives” by effectively replacing “trading in futures contracts” with “dealing in derivatives” and defining “derivatives” to include over-the-counter (“OTC”) derivatives (other than those solely derived from, referenced to or based on exchange rates, or those … Further, in the case of redemption of preference shares out of capital, all directors must make a solvency statement forming an opinion that the company satisfies the solvency test for purposes of such redemption. 0000088415 00000 n Person”? Exempted from tax, therefore country does not issue TIN; OR Others: ) ... 2Controlling Person is defined as natural person who has at least 25% shareholdings in the company. (d)  the tenure of the convertible notes must not exceed 7 years from the date of issuance, which shall be a date falling within 60 business days from the date of lodgement with the SC. Professional Case Management: The Leader in Evidence-Based Practice CMSA’s Official Journal. A stock exchange, derivatives exchange, clearing house and central depository. This disambiguation page lists articles associated with the title CMSA. a. the tax on his estimated total Income of the previous year in which such income is to be included in computing the total income will be nil; and . The Information Memorandum is not a prospectus and has not been registered nor will it be registered as a prospectus under the Capital Markets and Services Act, 2007, as amended from time to time (“CMSA”). Take Over • Company S216(1) CMSA … Services Act 2007 (“CMSA”) ... investment/merchant banks and their employees should be completely exempted from the licensing and other requirements under the CMSA. Because the CMSA has the unique … 3. 0000005395 00000 n Associated person 16 4. A Colleges of Medicine of South Africa (CMSA) workshop on assessment during November 2010 indicated 2 key issues: Transfer of theoretical knowledge into clinical practice is a big challenge. The Capital Markets and Services Act 2007 (“CMSA”) also governs capital markets services provided by banks. The Case Management Society of America #1448 is approved as a provider for social work continuing education by the Association of Social Work boards (ASWB) www.aswb.org through the Approved Continuing Education (ACE) Program. CN generally bears interest at an agreed rate from the date of issuance until conversion of the CN into ordinary shares of the issuer or redemption, whichever is the earlier. The Colleges of Medicine of South Africa oversee the postgraduate specialisation of South African doctors. 1.5  Given the emergence of such options to business entities and Specific Registered Persons, this article aims at providing an overview over certain matters that an investee company or a venture capital firm / private equity firm may wish to consider in respect of its fundraising exercise or investments in Malaysia. … These guidelines set out requirements to be complied with by any person intending to establish a unit trust fund in Malaysia and issue, offer or invite any person to subscribe or purchase units of the unit trust fund. 1.1  The Securities Commission of Malaysia enhanced the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (issued on 9 March 2015 and revised on 28 April 2020) (“LOLA Guidelines”) with effect from 28 April 2020. In addition, it should be noted that further control may be exercised by the RPS holders over the affairs of the issuer by inclusion into the subscription agreement certain protective provisions which may limit the issuer’s ability to carry out certain corporate exercises without the blessing of the RPS holders. 3.2  Although the Companies Act 2016 provides that redemption of preference shares shall not be regarded as reduction of share capital of the company, redemption of RPS can only be effected if they are fully paid up and the redemption is made out of (i) profits (which would otherwise have been available for dividend); (ii) a fresh issue of shares; or (iii) capital of the company. handle, or feel and talk or hear in person or on the telephone or radio. Prescription of securities and derivatives 20 6. If a person who is not a member of a company receives a notice from the company under subsection 56(2) of the CA 2016, the person has the obligation to inform the company whether he is the BO of the company as defined under the CA 2016 or has met at least one of the criteria stated under paragraph 27 of the guideline or as trustee. Redemption of CN is not subject to capital maintenance rules. 1.03 … Guidance and advice on actions to protect human health from the adverse effects … 0000088391 00000 n endstream endobj 62 0 obj<> endobj 63 0 obj<>stream The Colleges of Medicine of South Africa oversee the postgraduate specialisation of South African doctors. This legal update is for general information only and is not a substitute for legal advice. 0000004813 00000 n The employee is occasionally required to climb or balance and stoop, kneel, crouch, or crawl. (Refer to Utrade Home Page for Terms and Conditions, Part 10 for the definition of US Person) Yes (Please complete and return signed Form W-9 for this … Purpose/Objectives The Case Management Society of America (CMSA) developed evidence-based guidelines (Case Management Adherence Guidelines, CMAG) for case managers to support increased efficacy of case managers in helping patients become more adherent to medication regimens.The effort was in response to documented high levels of nonadherence, and evidence demonstrating that lack of … Examinations, examination schedules, etc or foreign stock exchange CMSA the capital market intermediaries engaged in capital market ’. Cmsa_Faq - Free download as PDF File (.pdf ), Text File (.pdf ), File... Feel and talk or hear in person or on the positive impacts of such initiatives by the BNM and SC... Carry preferential dividend ( cumulative or non-cumulative ) investee and/or the investor is! 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