- (a) the percentage (if any) required in respect of that fund by:
- (i) the firm's articles of association, registered rules or other equivalent instrument; or
- (ii) a relevant order made by a court of competent jurisdiction;
- (b) if (a) does not apply, the percentage specified in the firm's PPFM, if that percentage reflects the firm's established practice;
- (c) if (a) and (b) do not apply, not less than 90 per cent.