Securities and Exchange Commission hereby issues the following regulations: Clause 1 The management of funds of juristic entities under the same business group shall not be regarded as the undertaking of

and nature of the businesses operated by the Company or the group of companies which comprises the Company, its subsidiaries and associates being operated or to be operated, as the case may be. The

have the same meaning as defined for the term in the Notification of the Capital Market Supervisory Board regarding Rules on Securities Offering through Crowdfunding. Clause 2 In the case where a group

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

acquisition of a business, unrelated to the operation of the current business. 3. To repay a loan or debt incurred from an issuance of debt securities. · In case of debt repayment to a group of financial

the protection and maintenance of the best interest of investors under acceptable risk exposure. Therefore, in the supervision of the business of mutual fund or private fund management, it is necessary

, the appointment of third parties, such as other intermediaries , financial institutions or affiliated companies in the group of financial business who have readiness in personnel and operating system

) “ financial advisor ” means a financial advisor on the approved list of the SEC Office; (15) “ fund supervisor ” means the supervisor of a fund ; (16)2 “ common person group ” means the persons with one or more

management of the private fund, using knowledge and competence as a professional. The securities company shall enter into a written agreement with a person or a group of persons who has authorized the

such services; (12) clients’ asset An intermediary shall arrange adequate protection for clients’ assets when it is responsible for them; (13) relations with regulators An intermediary shall deal with