obtain prior approval in accordance with Clause 19. In cases where the securities company has submitted the contents of an advertisement to the Office, and the Office does not make an objection within five

return, except for estimated return specified in Clause 9; (3) information that urges investors to purchase investment units within a certain timeframe or by a certain time, except for the advertisement of

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

only within the units or departments providing services under regulatory sandbox : (1) securities brokerage business; (2) securities dealing business; (3) investment advisory service business; (4

shall be exempted from being regarded as derivatives business in the following categories during the period of such regulatory sandbox , but only within the units or departments providing services under

be a job description explaining duties and responsibilities of each unit and position. 3. There should be a clear segregation between the unit with investment management function and the unit with back

the contract’s value, a relatively small movement of the market can lead to either large losses or gains within a short period of time. The Client may sustain losses significantly beyond the amount of

of an applicant within the period of 3 years preceding the year of application filing until the date of application filing. Provided that, after submitting the application, if it appears that the

less than the amount specified under the law controlling the undertaking of such business. (2) Within three years preceding the year of application filing toward the date which an approval is granted

structures indicate that it is acting as a business unit within a financial conglomerate as accepted by the Office. The procedures mentioned in the first paragraph should contain all necessary details to be