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. “Institutional investor” means: (1) Commercial Banks; (2) Financial companies; (3) Securities companies which purchase investment units for proprietary trading, managing for private funds, or for management of
Banks; (2) Financial companies; (3) Securities companies which purchase investment units for proprietary trading, managing for private funds, or for management of investment schemes established under the
management; “Office” means the Office of the Securities and Exchange Commission. Clause 3. This Notification shall not apply to any private fund management company which is a financial institution established
meets the following criteria: (1) The management company has sound financial position; (2) The management company has no sign of misconducts or no records which make it inappropriate for the company to