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    <title>Review of the Securities Lending and Borrowing (SLB) Framework</title>
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    <description>The circular mandates that Authorised Intermediaries enter into agreements with Clearing Members specifying rights, responsibilities and obligations, include SLB basic conditions and clearly define roles vis-a -vis clients; AIs must prevent direct agreements between lenders and borrowers, may add provisions for execution, risk management and settlement, and must frame a mandatory, binding rights and obligations document for Clearing Members and clients to govern SLB trades.</description>
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