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Article 12
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After obtaining effective registration to issue or reopen ETNs, a securities firm shall commence the issuance or reopening of the ETNs within 3 months counting inclusively from the date upon which it receives the written notice of effective registration, provided that if the securities firm is unable to commence the issuance or reopened issuance within 3 months for a legitimate reason, then prior to the deadline it may apply to the competent authority for a one-time extension not to exceed 3 months.
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