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Article 13
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Unless a securities firm has obtained special-case approval for its special needs, or is concurrently operated by a financial institution and subject to other relevant laws or regulations, its total external liabilities shall not be more than 6 times its net worth. Its total current liabilities shall not exceed its total current assets. However, unless otherwise provided by the FSC, the total external liabilities of a securities firm operating the business of brokerage trading of securities or proprietary trading of securities shall not exceed its net worth.<br/>In calculating the total liabilities referred to in the preceding paragraph, the liabilities arising from trading of government bonds may be deducted.
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