• Lunch break is not a universal pattern of equity market trading • A handful of markets maintain the lunch break, e.g. Singapore attempted to adjust the lunch break but eventually re-instated it. • Lunch

. Rulemaking is a tangible start for all parties involved in any particular matter to self-adjust in order to achieve respective goals, and subsquently strengthen market credibility, balanced market ecosystem

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support project in the first quarter of 2019 is more difficult and varied than the previous year which effected higher cost than the first quarter of 2018 6. Cost of goods sold (E-Commerce) Cost of goods

was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold

for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and

new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the

from poor timing and end up buying and selling at the wrong times. /Timing the market is too difficult. “It is a losing strategy” gChasing (short term) past performance has been a basic investment

that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and

to adjust the cost. Payment, will be on 2019 after the board approves. Opinion of Board of Directors including Audit Committee The Board of Director’s meeting, where there was no directors who have