_____________ Clause 11 An applicant who will obtain approval to be REIT manager shall demonstrate that it has ability to manage the REIT, being assigned by REIT trustee, efficiently and provide measure for

capital shall be decreased by reducing the value of the units or reducing the number of units except when the units are classified and the decrease will not be done concurrently nor equally across the board

dated 15 September 1992 shall be repealed. Clause In this Notification: “ Office ” means the Office of the Securities and Exchange Commission. Clause 2/1 This Notification shall not apply to the

preventing wrongful acts that may cause damage to securities issuers or securities holders will be put in place. Clause 4 The application for a license under Clause 3 shall be submitted together with the

preventing wrongful acts that may cause damage to securities issuers or securities holders will be put in place. Clause 4 The application for a license under Clause 3 shall be submitted together with the

sanctions, the SEC will notify the public prosecutor in writing for filing the case with the Civil Court to seek a civil sanction with a maximum penalty as prescribed by law which shall not be lower than

Advisor” and “Digital Asset Fund Manager” shall be two new types of digital asset business subject to SEC’s supervision. Therefore, any person who wants to conduct any of these new businesses is required to

Advisor” and “Digital Asset Fund Manager” shall be two new types of digital asset business subject to SEC’s supervision. Therefore, any person who wants to conduct any of these new businesses is required to

1 Organizational Structure, Operating System and Operational Control Clause 2 In undertaking the derivatives business, a derivatives dealer shall set up organizational structure, operating systems and

Organizational Structure, Operating System and Operational Control Clause 2 In undertaking the derivatives business, a derivatives dealer shall set up organizational structure, operating systems and operational