the Office shall be positive. In case where the securities company increase its paid-up capital after the issuance of the latest financial statement, such increasing shall be calculated in the

shall be positive. In case where the derivatives broker increase its paid-up capital after the issuance of the latest financial statement, such increasing shall be calculated in the shareholder’s equity

to check whether the work performance of such designated person is within the scope of power, duties and responsibilities; (2) determining clearly the rules concerning consideration for approval of

the association with the approval of the SEC Office. If it is necessary and expedient, the SEC Office shall have the power to instruct a management company to act additionally or differently from the

considering the application for approval of the establishment of the fund. Division 3 Power of the SEC Office Related to the Approval _______________ Clause 19 The fund to be approved shall be in accordance

training institute or having completed the courses that are approved by the Office; (4) Being neither a permanent staff member nor an executive who has power of management in other companies, nor being an

the management company has held the share of such person (c.3) Person in which the director, the manager or the person with power of management of the management company who has held shares exceeding

controlling power and the nature of business during the preceding year as well as the material changes in the shareholding structure, management or business operation or any other important events (e.g., merger

person who is authorized by a management company to have power to make decisions on investments for a fund; “Association” means any association relating to securities business, which has been approved by

Material changes and developments Give a brief account on the material changes and developments regarding the controlling power and the nature of business during the preceding year as well as the material