Standards Governing the Establishment of Securities Investment Consulting Enterprises Article 32

The provisions of Article 10, paragraphs 1 and 6, Article 15, paragraphs 1 and 2, Article 17, and Article 18, paragraphs 1 and 2 shall apply mutatis mutandis with respect to a managed futures enterprise applying to concurrently operate a SICE that conducts discretionary investment business.The managed futures enterprise shall have paid-in capital of not less than the total of the earmarked operating capital required to be allocated upon application to concurrently operate a SICE that conducts discretionary investment business, plus the minimum paid-in capital set out in the Standards Governing the Establishment of Managed Futures Enterprises, and shall carry out a capital increase in case of any shortfall.The managed future enterprise permitted to concurrently operate a SICE that conducts discretionary investment business may not, except where it has already been concurrently operating securities investment trust business, commence such business unless and until it has become a member of the SITCA.