Clause 20 of the Capital Market Supervisory Board No. TorNor. 27/2552 Re: Rules, Conditions, and Procedures for Establishment and Management of Funds dated 20 July 2009, the Office of the Securities and
the Capital Market Supervisory Board No. TorNor. 27/2552 Re: Rules, Conditions, and Procedures for Establishment and Management of Funds dated 20 July 2009, the Office of the Securities and Exchange
management; “Office” means the Office of the Securities and Exchange Commission. Clause 3. This Notification shall not apply to any private fund management company which is a financial institution established
is a financial institution established under other laws where the establishment of a branch office of such company shall be made under such laws as specified under the third paragraph of Section 92 of
Establishment of Mutual Funds and Execution of Agreements for Private Fund Management ; (7) “ major shareholder ” means a person directly or indirectly holds shares of a juristic person exceeding 10% of the total
business in the category of private fund management; (6) “gold ETF” means a gold ETF established under the Notification of the Office of the Securities and Exchange Commission concerning Establishment of
category of private fund management; (6) “ gold ETF ” means a gold ETF established under the Notification of the Office of the Securities and Exchange Commission concerning Establishment of Mutual Funds and