is prepared by Legal Department with the sole purpose of  facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or

securities company with disqualified characteristics under sub-clause (3); (5) have financial condition or result of operation which the SEC may consider that the securities company severely suffers loss, the

sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for or

​ ________________________________    This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event

with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution

condition or result of operation which the SEC may consider that the securities company severely suffers loss, the consideration on which shall take the following factors into account;    (a) difference of

fee afterwards." This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in rules and regulations promulgated under the

  --------------------------------------------------------------------   This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be

the sole purpose of facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for

securities business as licensed and shall not be required to pay annual license fee afterwards." This English version is prepared by Legal Department with the sole purpose of facilitating the comprehension of