equivalent to any of the above regardless of the title, and includes any person who has authorization under an agreement, whether fully or partially, to manage; “affiliate” means an affiliated company as

derivatives business operators is determined by the types of license packages, each permitting a scope of various business undertakings. For example, Type A Securities Business License requires the minimum paid

the execution of electronic transactions which would be deemed as fully legitimate as normal transactions, for example, transactions related to businesses under the SEC supervision, subscription

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