from the Office prior to such expansion or change. In the case where the management company has been permitted to establish a branch office which is not an online branch, the management company shall

Custodian dated 30 March 2001. Clause 2. In this Notification “Management company” means securities company licensed to undertake securities business in the category of private fund management. “Manager

starts its operation; (4) not being ordered by the Capital Market Supervisory Board or the Office to restrict its business expansion or cease its operation, or in the process of rectifying its operation by