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

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

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

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

Net Worth Investor and High Net Worth Investor . “ultra-high net worth investor” 6 means an ultra-high net worth investor under the Notification of the Securities and Exchange Commission Re

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

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

investors ” “ high net worth investors ” “ registration statement ” “ parent company ” “ subsidiary company ” “ executive ” “ major shareholde r ” and “ controlling person ” shall have the same meaning as

institutional investor under the Notification of Securities and Exchange Commission concerning the Determination regarding Definition of Institutional Investor and High Net Worth Investor . “ high net worth

collateral could be canceling or decreasing the limit of the letter of credit or letter of guarantee, as the case may be. (2) terms regarding [i] change in the amount or value of the securities or [ii