EFTA01363152.pdf

If Yes Money market instruments, i.e. all types of If Yes Financial portfolio management or receivables that are normally traded in the investment advice money market, such as promissory notes (Schuldschcino) which are tradable on the money markets and have a residual maturity of up to 12 months Also, Certificate of Deposits (CDs) and Commercial Papers (CPS) are usually money market instruments. II Yes Foreign exchange or units of account, including II Yes Acting as agent or broker (i.e. not in a principal FX spot (i.e. up to T+2 or as per MiFIRP capacity) II Yes Derivatives within the meaning of Annex I, If Yes Stakes m a cooperative society within Section C points (4) to (10) of MiFID17 the meaning of Section I of the (including options. forwards, caps, floors, German Cooperative Societies Act FRAs. futures, swaps, contracts for differences Itienossenschaftsgesetzl and credit derivatives) Note: in order to an instrument to qualify es security or II Yes Commodity spot transactions, but only until money market instrument for purposes of GBSA. it must the implementation of MiFID II which is be tradable/negotiable in the market cutiwaly expected for 3 January 2018. If Yes Physically settled commodity transactions, unless traded on a regulated market or MTF, or unless collateralized, or tailless cleared using a recognized CCP' If Yes Order execution or transmission (unless High- Frequency Trading, see Section 3) •If this box is marked with lx) please make sure that the lending anti guarantee prohibition in Section 2 will be examined Q2. If the answer to Q1 is YES: Is the trading activity covered by one or more of the exclusions or exemptions listed in the table below? Please indicate YES or NO and describe the basis for this conclusion in the Comments section and by checking the appropriate box below. YES (this is permissible trading under GBSA) NO (this is impermissible proprietary trading under G8SA8 Comments Mark [X] Exclusions Mark [X] Exemptions It Yes Market Making if Yes Hedging of permitted client transactions— i.e. dealing as a member of a trading venue closing of open positions (organized market, MU or OTF) a of a market i.e. transactions to hedge trades with in a third country, whose legal and supervisory customers, unless such hedge would relate to framework has been declared equivalent by the an impermissible loan or guarantee to an AIF European Commission, as pi inc.ipal, in a financial isee below under Section 2) instrument, on or outside a trading venue, (i) by Anticipatory hedging of future client posting firm. simultaneous two-way quotes of transactions is also covered by the exemption. comparable size and at competitive prices, with However, anticipatory hedging does not justify the result of providing liquidity on a regular and "warehousing" or holding of an - inventory" ongoing basis to the market, as port of the litm's of securities in excess of what is required for usual business, (ii) by filtrating orders initiated by anticipatory hedging. clients or in response to clients' requests to trade and/or (iii) by hedging positions arising from the fulfilment of the tasks under fit and en WM1ilif),S 025808.070.317 For internal use only Pane 3ot 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0053048 CONFIDENTIAL SONY GM_00199232 EFTA01363152