Public Sector Pension Investment Board Regulations

11 (1) The Board shall not directly or indirectly invest more than 10 per cent of the total book value of the Board's assets in the securities of

• (a) any one person;

• (b) two or more associated persons; or

• (c) two or more affiliated corporations.

(2) Subsection (1) does not apply in respect of investments in

• (a) a subsidiary of the Board;

• (b) securities issued or fully guaranteed by the Government of Canada, the government of a province, or an agency of either of them;

• (c) a fund composed of mortgage-backed securities that are fully guaranteed by the Government of Canada, the government of a province, or an agency of either of them;

• (d) a fund that substantially replicates the composition of a widely recognized index of a broad class of securities traded on a public exchange; or

• (e) a segregated fund or mutual or pooled fund that complies with the requirements applicable to a plan under the Pension Benefits Standards Regulations, 1985.