.. PAGE (UNOFFICIAL TRANSLATION) The Office of the Securities and Exchange Commission 12 June 2007 To Managers All securities companies Circular No. SEC.Khor.(Wor) 25/2550 Re: Guidelines for Renewal

with this Notification. Clause 14. All the Notifications, orders and circular letters, under Clause 1, issued under or providing guidelines for compliance with the Notification of the Securities and

size than the regular font used in such article or research paper, and shall be on the same page of the summary of such article or research paper or at a nearby position which can be seen clearly. Clause

regular review as to adequacy of measure and system for preventing and managing conflicts of interest as prescribed in sub clause (2). Additionally, in case there is an occurrence affecting the preventing

units of the new mutual fund or the mutual fund which accepts the transfer of assets. Clause 3. All notifications of the Office of the Securities and Exchange Commission, orders and circular letters

The Office of the Securities and Exchange Commission (Unofficial Translation) PAGE The Office of the Securities and Exchange Commission 12 June 2007 To: Managers All securities companies Circular No

respective local market could apply for an expedited review process if it intends to invest in a master fund that meets the requirements set out in the SFC and SEC Circular (“MRF-eligible master fund

prescribed in sub clause (2); (4) determining for regular review as to adequacy of measure and system for preventing and managing conflicts of interest as prescribed in sub clause (2). Additionally, in case

Covered Fund in Hong Kong satisfied those stipulated in Appendix B-II-SEC Circular of the Memorandum of Understanding between the Securities and Futures Commission of Hong Kong and the Securities and

securities company shall provide an operation control measure for the regular computer operation in order to render the computer system and data processing to be capable of operating continuously, correctly