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

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

concerning the Determination regarding Definition of Institutional Investor, Ultra High Net Worth, and High Net Worth Investor ; “ client ” means user of an intermediary ’s services; “ Stock Exchange ” means

reasonableness of the appraisal report in (b) whereby if the management company or the financial advisor also prepares a financial forecast on the infrastructure business showing the base case analysis and

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

competitors, competitiveness and potential, the names of the competitors (not required unless there is only one or a few competitors being market leaders), market trends and competitive forecast. 2.2.3

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

concerning the Determination regarding Definition of Institutional Investor and High Net Worth Investor . “ client ” means user of an intermediary ’s services. “ Stock Exchange ” means the Stock Exchange of

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

ตามที่สำนักงานเสนอ แต่มีบางราย เสนอให้มีการเพิ่มขอบเขตของผู้ลงทุนให้รวมถึง นักลงทุนประเภท high net worth · คณะอนุกรรมการพิจารณาร่างประกาศ (ซึ่งมีผู้แทนจากภาคธุรกิจ) และสำนักงาน เห็นควรขยายขอบเขตให้ทำ