Microsoft Word - MDA 2017 EN SET Final.docx Page 1 of 5 L-WAVE ENT 28/2018 28 February 2018 Subject: Report on reasons of change to profit (loss) and analysis on operating results by the
Commission concerning Rules, Conditions and Procedures for Application of Licenses and Granting of Licenses for Operating Business as Securities Clearing House, Securities Depository and Securities Registrar
house approved by the SEC or by a person granted an exemption in accordance with the Law on Securities and Exchange for operating a clearing house without license, either directly or through a third party
system provided by a clearing house approved by the SEC or by a person granted an exemption in accordance with the Law on Securities and Exchange for operating a clearing house without license, either
sandbox , but only within the units or departments operating under regulatory sandbox . Clause 3 In the case where a person having the following qualifications intends to participate in a regulatory sandbox
within the units or departments operating under regulatory sandbox. Clause 3 In the case where a person having the following qualifications intends to participate in a regulatory sandbox, the person shall
business operator may do so only with prior approval from the Office. In seeking such approval, the business operator shall present document and evidence related to operating plan, operating system in
present document and evidence related to operating plan, operating system in providing service, internal control system and risk management system for the securities borrowing and lending business, which
business operator shall present document and evidence related to operating plan, operating system in providing service, internal control system and risk management system for the securities borrowing and