skill, care and diligence; (3) management and control An intermediary shall take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems; (4

No. Tor Thor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to Clients of Securities Companies and Derivatives Intermediaries dated 6

management company’s staff; (2) Supervision and inspection management company’s staffs comply with standard under (1) and; (3) Prescription of disciplinary to punish staffs who violate or fail to perform to

following matters: (1) the selection and supervision of the personnel involved in the operation of the fund to ensure that they have suitable knowledge and capability for the administration and management of

supervision of securities business in the category of management of other persons’ funds, whether it be the mutual fund or private fund management, has the common objective to protect and maintain the best

reference. PAGE 10 Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 14/2558 Re: Rules in Detail on the Prevention and Management of Conflicts of Interest __________________

1 Operation Control Clause 4. Securities company shall have an effective internal control system, risk management system, and a system protecting conflict of interest and shall prescribe rule and

by the SEC Office to have important rules related to supervision of investment management equivalent to the rules governing securities companies licensed to undertake securities business in the

management company who manages the mutual fund under its supervision more than five percent of the outstanding shares, including shares held by connected persons of such fund supervisor; (3) Do not have the

UNOFFICIAL TRANSLATION (SEC logo and contact information) 8 August 2014 To Managers Securities companies Asset management companies Derivatives intermediaries No. Kor Lor Tor. Kor Thor. (Wor) 23/2557