of the Office of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Relating to Operating Systems of Fund Management Business In order for a management company to comply

Companies ; (2) “ securities ” means any securities which are not debt instruments or investment units; (3) “ securities company ” means a company licensed to undertake securities business in the category of

opening accounts or engaging in business relationships with a securities company, but not including provident funds under the provident fund laws; (3) “ultimate beneficial owner of the transactions” means a

a derivatives intermediary. “ client ” means a person who uses or will use services relating to securities businesses from a securities company or derivatives business from a derivatives intermediary

virtue of Clause 5(1) of the Notification of Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to

private fund management company [unless indicated otherwise], including: (a) a securities company licensed to undertake securities business in the category of brokerage, dealing or underwriting of any

company [unless indicated otherwise], including: (a) a securities company licensed to undertake securities business in the category of brokerage, dealing or underwriting of any securities and; (b) a

Section 110 Securities and Exchange Act B.E. 2535 Section 110. A securities company shall open its office for business during business hours and close its office on the days specified by the Office

license under this Notification; (5) “commercial bank” means any commercial bank in accordance with law on commercial banking or law on business of financial; (6) “securities company” means any securities

The Derivatives Act The Derivatives Act B.E. 2546 SECTION 16. A derivatives business operator shall be a limited company or a public limited company, except for a derivatives advisor which may be an