General regulations referred to in article 52 bis 4 of the Securities Market Act

(ii) Securities Act

3 Trade securities or maneuver securities market with insider information

Article 46 A securities firm engaged in securities assets management business shall not have the following act

The first amends and supplements various provisions of the Credit Institutions Act Act on Savings and Loan Associations Act on the Retirement Savings System Federal Act on Guarantee Institutions General Act on Mutual Insurance Institutions and Companies Securities Market Act Act on Investment Firms and General Act on Credit Organizations and Related Activities.

As mentioned earlier, the comprehensive reform includes the following instruments Credit Institutions Act Act on Savings and Loan Associations Act on the Retirement Savings System Federal Act on Guarantee Institutions General Act on Mutual Insurance Institutions and Companies Securities Market Act Act on Investment Firms and General Act on Credit Organizations and Related Activities.

The hearings also led to passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Securities issuers and traders were required to release more information, and were subjected to higher transparency standards.

On 28 January 2004 the following legislation was published in the Diario Oficial Decree amending and supplementing various provisions of the Credit Institutions Act Act on Savings and Loan Associations Act on the Retirement Savings System Federal Act on Guarantee Institutions General Act on Mutual Insurance Institutions and Companies Securities Market Act Act on Investment Firms and General Act on Credit Organizations and Related Activities.

The Labour Market Service Act

While the securities regulatory agency under the State Council approving setting up application of securities firm and its branch, it should consider the needs of development as well as fair competition of the securities market.

Article 34 While a securities firm is putting forward investment advice to customers, it shall not make decisive judgment on rising or dropping of securities price or market tendency.

The decrease of transaction settlement fund balance in the securities market in July was smaller than that in June, while the net bank securities transfers stood at negative RMB 66.6 billion.

The Securities Committee, under the Council of Ministers of the Republic of Belarus and its inspectorates, monitor professional participants in the securities market, persons engaged in exchange activities and lottery organizers

According to the official microblogging news of the China Securities Regulatory Commission (CSRC), the securities market supervision department is cooperating closely with the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.

Corporations and financial institutions were regulated through legislation such as the Corporations Act of 2001, the Australian Securities and Investments Commission Act of 2001, the Australian Prudential Regulation Authority Act of 1998 and the Financial Transaction Reports Act of 1988.

The securities broker should have securities working qualification.

The securities firm should sign entrustment contracts with securities brokers who accept such entrustment, issue securities broker certificate, define authorized scope of securities broker and supervise working behavior of securities broker.

Without securities business license, the securities firm and its domestic branch shall not run securities business.

In these senses, Swensen is completely different from day traders, who are both investing for the short term and trying to beat the most crowded market the market for exchange listed securities.

Securities...

Securities brokers should work within authorized scope of the securities firm and show securities broker certificates to customer.

For several reasons, it should buy US treasury securities. In other words, it should go back to intervening in the foreign exchange market.

(5) Securities service agencies provided services for a securities firm.

These may act as market entry barriers for products originating in developing countries.

Article 56 Where a securities firm carries out securities lending and borrowing but does not have sufficient funds or securities, it can borrow from the securities financial companies.

(2) Where a securities firm offers investment suggestions to its client, making certainty judgment on highs and lows of security prices or market trends

Loading securities...

Securities brokers shall not handle securities subscription or trading for customers.

Article 41 A securities firm engaged in securities business for its own account is limited to trading of legally issued stocks, bonds, warrants, securities investment funds or other securities recognized by the securities regulatory agency under the State Council.

Act No. LVII of 1996 on the prohibition of unfair and restrictive market practices

1 Customers purchase of securities, settlement of securities trading or customers withdrawal

Article 20 If a securities firm has two or more kinds of securities brokerage business, securities assets management business, financing with capital and securities, securities underwriting, securities sponsors, its board should set up remuneration and nomination committee, auditing committee and risk control committee to perform rights prescribed in company regulation.

1 Illegally buying securities issued by shareholder of the securities firm or other issuer with major relationship to securities firm against regulation

(g) Securities regulation

Article 32 A securities firm should establish information inquiring system to ensure customers inquiring entrustment record, trading record, securities and balance during business hours of the securities firm, as well as other information such as name, practice license of the business operator and securities broker of the securities firm, certificate number of securities broker, etc.

Article 26 If a securities firm and its domestic branch are engaged in securities business prescribed in Article 125 of the Securities Law, they should follow the Securities Law and provisions of this Regulation.

Article 38 If a securities firm is engaged in securities brokerage business, it can entrust staff outside of the securities firm as securities broker, engaging in attracting and providing service for customers as agent.

Securities account opened by the securities firm for securities assets management customer should be submitted to stock exchange for filing within 3 trading days.

Section 3 of the Act prohibits the use of cash or bearer securities for payments in excess of twenty five million leones per day per customer.

The securities firm shall not provide customer s capital account and securities account to others.

Article 48 Securities lending and borrowing referred to in this article means that in the securities trading at the stock exchange or other securities trading places that have been approved by the State Council, securities firms lend capital or securities to customers for them to buy or sell securities based on the corresponding collaterals provided by the customers.

Article 44 If a securities firm is engaged in self run securities business, its risk controlling indicators such as ratio of total securities value and company net capital, ratio of value of one type of securities and net corporate capital, and ratio of quantity of one type of securities and total issuing quantity of this type of securities should comply with prescription of the securities regulatory agency under the State Council.

Article 50 A securities firm that carries out securities lending and borrowing business shall sign a securities lending and borrowing contract with the customer, and shall open a customer securities guarantee account with the securities registration and settlement organs, and a customer funds guarantee account with the designated commercial bank in the name of the securities firm in accordance with the provisions of the securities regulatory agency under the State Council.

10 Jae kyoung Kim, Korea seeks major role in Asian market integration , Korea Times (13 May 2004) and Nomura Securities Co., Ltd., press release (8 December 2004).

Article 28 When the securities firm is entrusted by securities registration settlement agency to open securities account for customers, it should audit name and identity authenticity declared by customers according to management rule of securities account.