Securities
Article 38
For securities, the operative event for the exchange rate shall be the date on which the security is lodged. However, the following exceptions shall apply: (a) for securities relating to advances, the operative event for the exchange rate shall be the operative event as defined for the amount of the advance, where that event has occurred by the time the security is paid; (b) for securities relating to the submission of tenders, the operative event for the exchange rate shall be the day on which the tender is submitted; (c) for securities relating to the performance of tenders, the operative event for the exchange rate shall be the closing date of the invitation to tender.