exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long-term deposits at financial institutions Securities purchased under reverse

effect on businesses of securities company. In this case, in order to increase confidence of using back office services from service provider, the duties of securities company in arranging for these system

shall be positive. In case where the derivatives broker increase its paid-up capital after the issuance of the latest financial statement, such increasing shall be calculated in the shareholder’s equity

be applicable to the outsourcing of operational function of an intermediary to third parties in order to increase flexibility and efficiency of business operation of the intermediary . In this regard

management company may apply for approval for establishment, or types and the nature of investors who will become a counterparty to the private fund management contract with the management company. Clause 7

accruing from the assets under (a) to (c), for example, right to dividend or interest, right to purchase capital increase shares and right to attend and vote at a meeting of securities holders, etc. (2

unitholders. Clause 11/1 6 A fund shall not enter into a contract to invest in an infrastructure asset with a person having the following characteristics if such person or other persons controllable by such

confidence among investors. Guidelines 1. Accepting of purchase or redemption order of investment units by a management company 1.1 There should be a procedure for account opening and entering into a contract

account, a contract or any other agreement, in accordance with Clause 44 of the Notification on Standard Conduct of Business , the intermediary shall arrange such agreement in compliance with the

client before providing services, whether in the form of an application to open a trading account, a contract or any other agreement, in accordance with Clause 44 of the Notification on Standard Conduct of