Regulations Governing Securities Investment Consulting Enterprises (Originally Adopted 2004.10.30) Article 11

When a SICE provides securities investment analyses and recommendations, it shall draft a report on its investment analysis specifying the sound analytical basis and source data used.A copy and a record of the report referred to in the preceding paragraph shall be kept on file for a period of 5 years from the date of its provision, and may be kept in electronic form.A SICE that enters into a securities investment consulting contract as provided in the preceding article shall keep the contract on file for a period of 5 years after the extinguishment of the contractual rights and obligations thereunder.A SICE that provides an investment analysis through any broadcast media shall retain a video and audio recording of the program for a period of not less than 1 year.