means any legal entity obtaining the license to undertake securities business which is not: (1) any legal entity supervised by any other governmental agencies before obtaining securities business license
client assets and the system . The calculation is as follows : NCR = Liquid Assets (risk adjusted) - Total Liabilities General Liagilites + Margin Requirement In case of shortfall, the operator is
regarding matters that materially affect the unit holders' rights; dissolution of the REIT. Other rules Benefit distributions of REITs: Payout of benefits ≥ 90% of the adjusted net