regulator; (4) no any fact indicating that the applicant has financial difficulty that may cause any damage or other incidents indicating that such applicant is facing financial difficulty. In addition, there

country or jurisdiction specified in the database in Clause 14(3); (2) a corporate client with complex shareholding or functional structures that may raise doubt or difficulty in determining the true

objective in undertaking fund management business for short and long term. Objective should be set for the short-term plan and criteria/factor for evaluation of the accomplishment of the plan should be