, excluding the following businesses: (a) securities borrowing and lending business; (b) mutual fund management for foreign investors. (2) person licensed to undertake derivatives business in the category of
of securities brokerage, securities finance, securities borrowing and lending, securities dealing or securities underwriting, which is not limited to debt instruments, exclude financial institutions
of a collective investment scheme which has characteristics similar to a mutual fund but excluding the collective investment scheme with the objective of directly investing in properties relating to
direct connection to the undertaking of securities or derivatives business; “ intermediary ” means a securities company or derivatives intermediary, excluding venture capital fund management company or
approval of the Cabinet, excluding currencies. “variable” means any exchange rate, interest rate, financial index, securities index or any other variables as specified in the notification of the SEC with the
the following qualifications: (1) being a state enterprise, excluding state-owned financial institution, under the law on budgeting procedures . In case of such state enterprise established in the form
; (3) a private fund of the persons under (1) or (2) excluding provident funds. Clause 15/2 The following provisions shall apply to any transaction for a property fund with a connected person which fully
: “ intermediary ” means a securities company or derivatives intermediary, excluding venture capital fund management company, inter-dealer brokerage company and registered derivatives intermediary. “ affiliated
instruments and investment units; “Securities company” means a company licensed to undertake securities business in the category of securities brokerage or securities dealing excluding a person licensed to