. The financial statements under the first paragraph shall be prepared under the criteria as specified in the notification of the SEC and shall be audited with an opinion rendered thereon by a certified

such transaction. The provision in the first paragraph shall apply to the case where the management company is the liquidator of the mutual fund under its management and receives a compensation for

the fund; (b) not being a trading of investment units between mutual funds under the same management company, which is prohibited under Section 126(3). When engaging in a transaction under the first

not be a director, officer or employee of the securities company. The securities company shall publish its balance sheet and profit and loss account prepared in accordance with the first paragraph for

derivatives broker. “Derivative exchange” means any derivative exchange licensed by the Securities and Exchange Commission. “Initial margin” means the minimum amount of asset a customer must deposit to secure

and documents submitted or presented or the explanations to elaborate or clarify in accordance with the first paragraph shall be complete and accurate.

been a change in the necessary circumstances as provided in the first paragraph, the Minister upon the recommendation of the SEC may modify or change the conditions already specified.

of the Office. In issuing the notification in accordance with the first paragraph, the Office shall specify the following important matters: (1) capital fund, net total assets and business operation of

liquidator under the first paragraph shall be given prior approval from the Office. Expenses and remuneration arising from liquidation of any mutual fund shall be paid from the assets of that mutual fund.

representative office in the Kingdom shall obtain an approval from the Office. The representative under the first paragraph shall undertake only those businesses specified in the approval. The provisions of