Securities and Exchange Commission No. Or Thor. 21/2543 Re: Guidelines for the Operating Control of Brokerage and Dealing of Securities That Are Not Debt Instruments _____________________________ For the

1 Organizational Structure, Operating System and Operational Control Clause 2 In undertaking the derivatives business, a derivatives dealer shall set up organizational structure, operating systems and

3.2 Investment management system 3.3 Back office supporting system 3.4 Compliance system 3.5 Documentary preparation and record keeping system Chapter 4 Internal Control System Chapter 1 Organisational

exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long-term deposits at financial institutions Securities purchased under reverse

control in the subsidiaries operating the core businesses and other oversight guidelines for activities such as approval of increase or decrease of capital and dissolution of subsidiaries, etc. In case of a

, executives, employees and others 8. Report on key operating results related to corporate governance 28 9. Internal control and related party transactions 33 Part 3: Financial Statements 36 Part 4

) if the management company can demonstrate to the SEC Office that such person has rectified the cause, work system, management structure and operating control, which has caused such person to have the

laundering control; (9) Having been sentenced for commission of any offense under the securities and exchange laws, the laws governing the undertaking of finance, securities and credit foncier businesses, the

intermediary shall have measures for correctness [of fault action], control [of impact] and punishment [for wrongdoing] in proportion to the seriousness of their actions. Clause 9 In case the association

offering; (b) change in par value resulting in an increase or decrease in the amount of shares; (c) redemption of securities; (d) amalgamation, merger or takeover by making a tender offer; (e) distribution