Article 18 4

4.   To cover the amount referred to in paragraph 3, a SIPS operator shall hold liquid net assets funded by equity, e.g. common stock, disclosed reserves or other retained earnings, to enable it to continue operations and services as a going concern. These assets shall be in addition to resources held to cover participant default or other risks covered under Articles 11 and 13. Equity held under international risk-based capital standards may be included to avoid duplicate capital requirements.