Exchange Act (No. 2) B.E. 2542 (1999) , the Capital Market Supervisory Board hereby issues the following regulations: Clause 1 In this Notification: The terms, “ institutional investor ,” “ ultra-high net

institutional investor under the Notification of Securities and Exchange Commission concerning the Determination regarding Definition of Institutional Investor and High Net Worth Investor . “ high net worth

intermediary . “institutional investor” 6 means an institutional investor under the Notification of the Securities and Exchange Commission Re: Determination of Definitions of Institutional Investor, Ultra High

they are neither inconsistent with nor contrary to the provisions of this Notification until notifications, orders and circulars issued under or prescribing guidelines in compliance with this

securities dealing under foreign law; (5) “ retail client ” means a client who is not an institutional investor or a high net worth investor; (6) “ institutional investor ” means an institutional investor as

Exchange Commission, which were effective prior to the effective date of this Notification, shall remain in full force and effect to the extent that they are not inconsistent with nor contrary to the

selection which may cause assets of clients to be in a condition of low liquidity and high risk (cherry picking); (2) shall use the latest issuance of credit rating information made by the reliable credit

concerning the Determination regarding Definition of Institutional Investor, Ultra High Net Worth, and High Net Worth Investor ; “ client ” means user of an intermediary ’s services; “ Stock Exchange ” means

are neither inconsistent with nor contrary to the provisions of this Notification until notifications, orders and circular letters issued under or prescribing guidelines for compliance with this

neither inconsistent with nor contrary to the provisions of this Notification until notifications, orders and circulars issued under or prescribing guidelines in compliance with this Notification come into