sandbox expires according to the procedures and methods specified in the Licensing Manual for the Public. The SEC shall complete the consideration of the application for extension under Paragraph 3 within

thirty –days period. The Office may extend the consideration process as necessary. In case where the period of time as specified in the second paragraph expires but the Office has not yet notified or make

necessary. In case where the period of time as specified in the second paragraph expires but the Office has not yet notified or made any orders to securities company. It shall be deemed that the Office grants

the month when the one year period expires to the client at least once a year within the fifth business day of the following month, except the case where the client does not have any asset left under