starts its operation; (4) not being ordered by the Capital Market Supervisory Board or the Office to restrict its business expansion or cease its operation, or in the process of rectifying its operation by

the date the branch office starts its operation in accordance with the format set out in an electronic system of the Office. Clause 10. The derivatives brokers are allowed to upgrade its online branch

; □ (2.3) Personnel planning for business expansion (if any). In the case where no personnel has been hired, the applicant shall submit the criteria for qualifications of such position. □ 5. Other supporting

position to be as required by the rules, and receives the permission from the Office to expand their business operation For the purpose of the first paragraph hereof, “Expansion of operation” means: (1

from the Office prior to such expansion or change. In the case where the management company has been permitted to establish a branch office which is not an online branch, the management company shall