process of preparing and updating private fund contracts is not prudent and concise, did not comply with the rules, conditions and procedures announced by the Capital Market Supervisory Board. SEC Act S

to comply with the regulations as specified by the Capital Market Supervisory Board by assisting or facilitating the group of offerors in preparing the tender offer (Form 247-4) without attaching the

preparing, approving, and supervising advertisements. In this respect, Merkle published advertisements without providing a channel for investors to study Merkle’s historical performance. Furthermore, Merkle

. in preparing and submitting the report of the total amount of securities held (Form 246-2) and the statement of intent to make a tender offer (Form 247-3) later than the specified period. SEC Act S

Market Supervisory Board by assisting or facilitating Sunrise Equity Co., Ltd. in preparing and submitting the report of the total amount of securities held (Form 246-2) and the statement of intent to make

procedures as specified in the notification. In this regard, Bitazza failed to provide appropriate internal systems and processes for preparing, approving, and supervising advertisements. In particular

of offerors in preparing the tender offer (Form 247-4) without attaching the financial statements of the group of offerors for the CPT shareholders immediately after the submission of the tender offer

and processes for preparing, approving, and supervising advertisements. In this respect, Merkle published advertisements without providing a channel for investors to study Merkle’s historical

preparing, approving, and supervising advertisements. In particular, Bitazza's advertisement review process was inadequate. As a result, advertisements published during this period contained contents