investment units shall not be concentrated in the holding of any individuals or any groups of persons which could exercise power over fund management and exploit the fund for own benefits such as tax avoidance
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administrative orders on individuals or juristic persons under the SEC's supervision, in other words, persons licensed, approved, or registered in accordance with the laws administered by the SEC. For example
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. Execution of Agreements for Management of Private funds or Provident Funds 1.1 Provisions for the management of private funds for a client: (1) A client of a private fund shall comprise private individuals/a