and Exchange Commission No. Kor Jor. 4/2560 Re: Determination of the Definitions of Institutional Investor, Ultra-high Net Worth Investor and High Net Worth Investor ___________________________ By

in this Chapter shall not be applicable to the following clients: (1) institutional investor; (2) ultra-high net worth or high net worth investor having status as a juristic person with a statement of

concerning Determination regarding Definition of Institutional Investor and High Net Worth Investor Who Do Not Request to Take a Suitability Test; (2) high net worth investors as prescribed in the Notification

High Net Worth Investor and High Net Worth Investor . Clause 3 A securities business license applicant and licensee shall have paid-up registered capital of no less than the following amounts: (1) one

possible. Any project worth 10 percent or more of the total income in the consolidated financial statements of the latest financial year shall be disclosed with expected turnaround schedules during each

investment management of mutual fund for institutional investors or ultra- ultra-high net worth investors (Ultra Accredited Investor Mutual Fund) which implements an investment strategy similar to that of a

less than five years. In the first two years, those information and documents shall be preserved in such a way that is promptly available for the Office to view or inspect.” Clause 3 This Notification

worth investor ,” and “ high net worth investor ” shall have the same meanings as the definitions of such terms specified in the Notification of the Securities and Exchange Commission concerning the

date possible. Any project worth 10 percent or more of the total income in the consolidated financial statements of the latest financial year shall be disclosed with expected turnaround schedules during

securities dealing under foreign law; (5) “ retail client ” means a client who is not an institutional investor or a high net worth investor; (6) “ institutional investor ” means an institutional investor as