, Conditions, and Procedures for Establishment and Management of Funds dated 10 June 2004, the Office of Securities and Exchange Commission hereby issues the following regulations: Clause 1. The provision in

Experiment and Develop Innovation in Support of Service Provision Related to Capital Market Which Are Not Deemed an Undertaking of Securities Business For Which an Approval Is Required _____________________ By

three business days from the date when a report on securities analysis has been disseminated to investors; (c) the period where there are outstanding securities trading orders of clients; (d) the period

Experiment and Develop Innovation in Support of Service Provision Related to Capital Market Which Are Not Deemed an Undertaking of Derivatives Business For Which an Approval Is Required _____________________

, the debt instruments must be traded every two weeks on average and having the average turnover rate of the most recent three months not lower than 6.25 percent of the outstanding. (4) foreign debt

public auditor. The provision of the first paragraph shall not apply to a derivatives advisor.

Experiment and Develop Innovation In Support of Service Provision Related to Capital Market _____________________ By virtue of Section 14 of the Securities and Exchange Act B.E. 2535 (1992), as amended by the

the total outstanding investment units; (4) a mutual fund of which the person under (1) or (2) holds investment units in an amount not exceeding fifty percent of the total outstanding investment units

held by a fund at an amount more than seventy five percent of its outstanding shares and representing more than seventy five percent of its total voting rights; (f)7 the debt instruments issued by the

investment units in the amount of fifty percent or more of the total outstanding investment units; (4) a mutual fund of which the person under (1) or (2) holds investment units in the amount of not exceeding