validation problem with nested lists

The following  nested list refuses to validate, with a missing < li> tag
error message at start of line 6. However if  I delete the </li> tag from
the end of line 5 it validates fine! Is this me being dim or a bug? 

01        <UL>
02          <LI>Rules for calculating consideration, e.g. percentage price,
- blear - blear   <br><br></li>
03          <LI>Final Maturity date and price<br><br></li>
04          <LI>Optional maturity (Call, Put and sinking fund)
schedules<br><br></li>
05          <LI>Accrual rules (where appropriate)<br><br></li>
06            <ul class="indent">
07              <li>Coupon Rate and standard coupon dates may be annual,
semi-annual or quarterly<br><br></li>
08              <li>Both numerator and denominator are coded for  - blear -
blear   <br><br></li>
09              <li>Any standard number of days adjustment<br><br></li>
10              <li>Any standard rounding factor may be defined with rules
for rounding or truncation<br><br></li>
11              <li>Ex Dividend date expressed as number of days before
coupon date<br><br></li>
12              <li>Withholding tax rules<br><br></li>
13             </ul>
14           <LI>Floating rate terms (where appropriate)  - blear - blear
<br><br></li>
15           <LI>Two coupon fields are held, one for trade  - blear - blear
<br><br></li>
16           <LI>Schedule of amortisation can be added in the case of
amortising issues<br><br></li>
17           <LI>Schedule of interest capitalisation can be added in the
case of capitalising issues<br><br></li>
18           <LI>Facilities for amending Pool Factors as appropriate are
available<br><br></li>
19           <LI>Issuance details  - blear - blear   <br><br></li>
20           <LI>Details of any underlying security for issues  - blear -
blear   <br><br></li>
21           <LI>A range of other miscellaneous details, including  - blear
- blear   <br><br></li>
22        </UL>
 
Bob Latham
Publications/Marketing
MIS Banking Systems
Bishopsgate Court
4-12 Norton Folgate
London E1 6DB
United Kingdom

Received on Friday, 10 August 2001 10:57:06 UTC