Regulations Governing Futures Commission Merchants Article 56-6

Where a foreign subsidiary of a futures commission merchant intends to make an equity investment in another institution, or an institution in which a foreign subsidiary holds an equity investment intends to make a downstream equity reinvestment in another institution, and the intended equity investment would give rise to a relationship of substantive control and subordination, as defined in the chapter on Affiliated Enterprises in the Company Act, between the investor and investee, the investment shall first be reported to the FSC for approval, unless otherwise provided by the FSC.Where an equity investment is approved by the FSC under the preceding paragraph, within 10 days of its actual execution, it shall be reported and related evidentiary documents submitted to the FSC for recordation.When a futures commission merchant makes an equity investment in a foreign enterprise, the foreign enterprise management rules that it is required to submit pursuant to the provisions of Article 56-3, subparagraph 5 and Article 56-4, subparagraph 5 may within 10 days of the investment's actual execution be submitted to the FSC for recordation together with the related evidentiary documents required under the preceding paragraph.