or a group of persons who authorized a management company to manage a private fund; “Liquid asset” means assets as follow: (a) Cash or deposit money; (b) Certificate of deposit or promissory notes

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

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

the contract’s value, a relatively small movement of the market can lead to either large losses or gains within a short period of time. The Client may sustain losses significantly beyond the amount of

comprehensively study the contract specification, i.e. category or type of underlying assets or variables, contract size/unit/multiplier, minimum price movement, daily price limit, last trading day, settlement day

for selecting an analysis/a research to support an investment decision. (4) Prescription of criteria in selecting each asset/group of asset to be actively or passively* invested in order to reduce risk

the registration certificate of juristic person / documents related to establishment of a group of persons; (7) Copy of the financial statements for the three most recent financial years or a copy of

causes a movement or change in the client’s assets under custody of such securities company or in cases under the second paragraph. In cases where it appears that a client does not have any transaction

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

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