are prescribed in Appendix B-I-SFC Circular of the MoU; (2) the management company shall be exempt from complying with the regulations related to the limitations on exercise of the voting right

applicable recommendation made, attempted selection via review of major family-firms in given nation. • Assignment of specific to given nation and associated limitations. 9 CASE STUDY FINDINGS – MAJOR ISSUES

Disagreement of investors about high-risk stocks leads to overpricing in the presence of short sales constraints Size Low profitability leads to high distress risk and downside risk. Low liquidity and high cost

. The Group's operations could be impacted by contractual constraints. In the context of its business activities, the Group enters into long-term agreements with many of its partners and suppliers

an improved market liquidity and investment base expansion, enable strategic linkages/alliances with foreign markets in preparation for new forms of trading system, reduce the limitations which

boundaries for the deeds so as to present to the Shareholders Meeting for their consideration. 4) The Parties mutually agree to be equally (50:50) responsible for any incurred fees and expenses in relation to

virtue of duty performance. (2) notifying the service user that the provision of services is in accordance with the regulatory sandbox , which contains limitations, risks and conditions different from the

seeking benefits wrongfully by virtue of duty performance. (2) notifying the service user that the provision of services is in accordance with the regulatory sandbox, which contains limitations, risks and

performance. (3) notifying the service user that the operation is in accordance with the regulatory sandbox , which contains limitations, risks and conditions different from the operation of the business

service user that the operation is in accordance with the regulatory sandbox, which contains limitations, risks and conditions different from the operation of the business operator in the same manner not