(2018). Under the proposal, the qualifications or prohibited characteristics of digital asset business license applicants, their directors and major shareholders under Clause 3* (10), (11), and (12) (b

This public hearing proposes to revise the qualifications for private funds under the definition of “Institutional Investor.” The proposal would allow private funds to be recognized as

Qualifications and Appointment of Administrative Panel

Qualifications and Procedures for Appointment of Administrative Panel (No. 2)

Qualifications of Debenture Holders’ Representatives and Authorized Actions of Debenture Holders’ Representatives (codified)

Adequacy Requirements |- Executives / Personnel | - |- Approval & Qualifications |- Fees |- Related Circular Letter    Executives of securities companies and personnel in securities business |- Approval and

| - |- Approval & Qualifications (Section 103, 104) |- Auditors |- Reporting Requirements |- Fees |- Related Circular Letter    IP/FG |- Appoint/Approval/Code of conducts and Standard Practices |- Reporting |- Fees

operating securities business | - |- Registration |- Net Liquid Capital Rule (Section 49) |- Executives / Personnel | - |- Approval & Qualifications (Section 24) |- Major Shareholders | - |- Approval

|- Capital Adequacy Requirements |- Executives / Personnel | - |- Approval & Qualifications (Section 103, 104) |- Auditors |- Reporting |- Fees |- Related Circular Letter    Marketing |- Approval and Standards