the derivatives business by means of arbitration by the SEC Office. 4The provisions of Paragraph 1 shall not apply to the case where the client is an institutional investor. Clause 11 In case the

the derivatives business by means of arbitration by the SEC Office. 4The provisions of Paragraph 1 shall not apply to the case where the client is an institutional investor. Clause 11 In case the

with the intention to resell or seek benefits from the price changes or price differences [short-term speculation]. The provision in Paragraph 1 shall not apply to a securities intermediary in the

with the intention to resell or seek benefits from the price changes or price differences [short-term speculation]. The provision in Paragraph 1 shall not apply to a securities intermediary in the

with the intention to resell or seek benefits from the price changes or price differences [short-term speculation]. The provision in Paragraph 1 shall not apply to a securities intermediary in the

wishing to apply for approval of an offer for sale of newly issued depositary receipts shall submit an application and other evidentiary documentation to the SEC Office in accordance with the rules

within 30 December 2018; (2) a company which is newly established to apply for the agricultural derivatives business license , except the companies under (1). Clause 4 An applicant shall be granted the

within 30 December 2018; (2) a company which is newly established to apply for the agricultural derivatives business license, except the companies under (1). 1 As amended by the Notification of the

within 30 December 2018; (2) a company which is newly established to apply for the agricultural derivatives business license, except the companies under (1). 1 As amended by the Notification of the

for sale to the public in the respective local market could apply for an expedited review process if it intends to invest in a master fund that meets the requirements set out in the SFC and SEC Circular