Unrated or non-investment grade, and unlisted limit
6. In the case where qualifying CIS invested in the following assets, the limit in clause 1 and clause 3 of Section 3 is lowered to 5%:
(a) deposits placed with unrated or non-investment grade deposit-taking institution;
(b) debt securities or money market instruments not dealt in on organized market or issued by an unrated or non-investment grade issuing body; and
(c) unlisted shares.
Notwithstanding paragraph 6(b) of Section 3, the CIS Operator may rely on the rating of an unrated or non-investment grade issuer’s parent company or guarantor provided that an explicit guarantee by the parent company or the guarantor for the issuer is in place