Regulations Governing Securities Investment Consulting Enterprises (Originally Adopted 2004.10.30) Article 25-5

When a provider of robo-advisor services executes rebalancing trades, it shall enter into an agreement with its customer on the execution methods and thresholds for rebalancing trades in the manner prescribed by the FSC.After a provider of robo-advisor services executes a rebalancing trade for a customer, it shall immediately notify the customer of the results of execution of the trade.A provider of robo-advisor services that has contractually agreed with a customer in advance that when the execution threshold is reached and the agreed conditions for the rebalancing trade are met the computer system will automatically execute the rebalancing trade for the client may be exempted from the restrictions of Article 13, paragraph 2, subparagraph 2 herein and Article 15, subparagraph 2 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises regarding a SICE and its personnel being prohibited from acting as another person's agent in securities investment or securities-related product trading activities.