partners. Expected outcome 1. The shift towards single licensing scheme would enable securities business operators to upgrade their licenses to a full-service type, arrange for flexible structure of business
Property Fund, Infrastructure Fund, and Real Estate Investment Trust (REIT), and the Chairperson of the Working Group on the Consideration of the SEC Approval Criteria for the Self Regulatory Organization in
forthcoming liberalization within five years. Message from the Secretary-General 4 not only empowered businesses but also furthered the moves toward the SEC's much anticipated self- regulation. On social