Liability for sub-account acts: foreign institutional investors remain responsible for all acts and omissions of sub-accounts.

Foreign institutional investors are responsible and liable for all acts and omissions of their sub-accounts performed in the capacity of sub-accounts under the Regulations; this responsibility does not detract from any separate liability of the sub-account under these Regulations or other law, and applies irrespective of whether the investor exercises discretion over sub-account funds.

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