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Security Details Q&A
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1. If the slip is written with lines as a percentage of whole, can the broker later add the Order Hereon to the MRC without making it into a BID?
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2 How do we add extra pages for written lines if we don't initially include enough in the MRC?
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3. Can we drop the Written Lines heading for declarations written 100% off a line-slip?
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4. There is information in the MRC Data Dictionary (Security Details section) that, where relevant, I would expect the underwriter to complete at the time of placing (e.g. Line Conditions). Is an MRC heading required for this information?
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1. If the slip is written with lines as a percentage of whole, can the broker later add the Order Hereon to the MRC without making it into a BID? Yes, this is consistent with the guidance regarding Order Hereon within Section C of the MRC which states that, "A blank entry under the Order Hereon heading can therefore be valid on a contract at the time of placing. Notwithstanding the fact that the placement may have been completed without defining the order percentage, there is still a requirement to reflect the final order on the contract when it is determined."
2. How do we add extra pages for written lines if we don't initially include enough in the MRC? Where insufficient space has been allowed then additional written lines pages may be added to the Security Details section, however they should be reflected within the numbering system.
3. Can we drop the Written Lines heading for declarations written 100% off a line-slip?
This heading should still be used for the Line-Slip leader to confirm the line-slip participation.
4. There is information in the MRC Data Dictionary (Security Details section) that, where relevant, I would expect the underwriter to complete at the time of placing (e.g. Line Conditions). Is an MRC heading required for this information?
No, any such information needs to be clear, but it is not anticipated that the underwriter would add e.g. LINE CONDITION as a heading. Click here for Several Liabiliy Q & A Click here for Stamp Conditions Q &A Back to Open Market
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