Notification of the Securities and Exchange Commission regarding Determination of Definitions of Institutional Investor, Ultra High Net Worth Investor and High Net Worth Investor . “ private equity ” means a

securities dealing under foreign law; (5) “ retail client ” means a client who is not an institutional investor or a high net worth investor; (6) “ institutional investor ” means an institutional investor as

and Exchange Commission No. Kor Jor. 4/2560 Re: Determination of the Definitions of Institutional Investor, Ultra-high Net Worth Investor and High Net Worth Investor ___________________________ By

individual, and shall be allowed to undertake a derivatives business only after a license from the SEC has been obtained. Any derivatives business operator which is a legal entity under Section 17 and engages

Net Worth Investor and High Net Worth Investor . “ultra-high net worth investor” 6 means an ultra-high net worth investor under the Notification of the Securities and Exchange Commission Re

institutional investor under the Notification of Securities and Exchange Commission concerning the Determination regarding Definition of Institutional Investor and High Net Worth Investor . “ high net worth

before cancellation of the suspension thereof. While the revision and updating of client information under subclause (3) of the first paragraph is in process, the intermediary is allowed to provide

High Net Worth Investor and High Net Worth Investor . Clause 3 A securities business license applicant and licensee shall have paid-up registered capital of no less than the following amounts: (1) one

concerning the Determination regarding Definition of Institutional Investor, Ultra High Net Worth, and High Net Worth Investor ; “ client ” means user of an intermediary ’s services; “ Stock Exchange ” means

investment management of mutual fund for institutional investors or ultra- ultra-high net worth investors (Ultra Accredited Investor Mutual Fund) which implements an investment strategy similar to that of a