client is in violation of Clause 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing

Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. The SEC therefore

certificates will be limited to institutional investors or high net worth investors only; therefore, is exempted from the SEC?s approval.? ?To make investment in PE trust more attractive, the SEC will further

Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012. Accordingly, the SEC

Clause 20(2) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment

Capital Market Supervisory Board No. TorLorThor. 3/2555 Re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012

Supervisory Board No. TorLorThor. 3/2555 Re: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012.  Accordingly, the SEC

trading orders. In this regard, {A} and {B} actions were deemed the violation of Clause 20(3) of the Notification of Capital Market Supervisory Board No. TorLorThor. 3/2555 Re: Approval for Personnel of

: Approval for Personnel of Business Operators to Perform Duties of Analyzing Investment and Giving Investment Advice dated January 18, 2012; classified as prohibited characteristics of personnel in the

the law*. The SEC, therefore, sanctioned the said four persons and the executive by suspension the approval and set the period of acceptance of their re-applications**.In this regard, the SEC warns