issued securities and between organization and personnel having opportunity to take benefit from such information. Clause 67. Securities company shall separate work unit and personnel responsible for

take benefit from such information. Clause 67. Securities company shall separate work unit and personnel responsible for contacting, soliciting or giving advice on securities investment for client from

experience obtained. 1.16 If a CRA uses separate analytical teams for determining initial credit ratings and for subsequent monitoring of existing credit ratings, each team should have the requisite level of

total revenues. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues represented 37% in the third quarter of 2019. - Bad debt and

quarter of 2020. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of total revenues was down to 35% in the first quarter of 2020. - Expect

conflict of interests which may arise in the securities borrowing and lending business, in the case where the business operator has a proprietary account, the business operator shall separate the unit which

securities borrowing and lending business, in the case where the business operator has a proprietary account, the business operator shall separate the unit which is responsible for the management of its

of interests which may arise in the securities borrowing and lending business, in the case where the business operator has a proprietary account, the business operator shall separate the unit which is

of assets of each client in a separate account which is segregated from the derivatives broker ’s account. A derivatives broker shall report to clients on custody of assets of clients in accordance

in a separate account which is segregated from the derivatives broker’s account. A derivatives broker shall report to clients on custody of assets of clients in accordance with rules specified by the