Callable Bull/Bear Certificate ("CBBC")

5.34

If the underlying financial instrument of a callable bear certificate is an exchange-traded fund, must the issuer issue the callable bear certificates together with the callable bull certificates?

No, the issuer need not issue the callable bear certificates together with any callable bull certificates if the underlying financial instrument is -

​(a)an exchange-traded fund;
​(b)an index; or
​(c)Approved Securities.