Rules for Custody of Customer Assets and Essential Details of Custody Agreement

Issuing secured bonds and appointing a qualified bondholders’ representative can enhance investor protection, especially in the event of a default in debt securities crowdfunding. However, the

Custody of Assets of Clients by Securities Companies

Custody of Assets of Clients by Licensed Derivatives Brokers

Custody of Assets of Clients by Securities Companies (No. 3)

Custody of Assets of Clients by Licensed Derivatives Brokers

Custody of Clients’ Assets by Securities Companies (Codified)

Custody of Clients’ Assets by Securities Companies (No. 4)

entitle funding portals to register as a bondholders’ representative, limited to the bond issues that they act as a service provider, to support secured debt crowdfunding;             (3) To require