Regulations Governing Securities Investment Consulting Enterprises (Originally Adopted 2004.10.30) Article 8

The financial reports of a SICE shall be prepared in accordance with these Regulations and other applicable laws and regulations. Matters not provided for therein shall be governed by generally accepted accounting principles (GAAP).The GAAP referred to in the preceding paragraph, from the fiscal year of 2013, means the following as recognized by the FSC: International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), and Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).Within 3 months after the end of each fiscal year, a SICE shall announce and submit to the FSC an annual report audited and attested by a certified public accountant, passed by the board of directors, and recognized by the supervisors.After commencement of operations, if the CPA-audited and attested annual report submitted by the SICE pursuant to the preceding paragraph shows a net worth per share lower than the par value, such circumstance shall be rectified within 1 year. When a SICE has not rectified the above circumstance within 1 year, the FSC may restrict its provision of securities investment analyses through broadcast media. This provision shall not apply, however, when less than 1 full fiscal year has passed since the SICE obtained its business license.If, after commencement of operations by a SICE, the financial report submitted pursuant to paragraph 1 shows that its assets are insufficient to settle liabilities, and after receiving an FSC order to rectify the matter within a prescribed period the SICE remains unable to do so by the end of that period, the FSC may revoke its business license.The annual financial report referred to in paragraph 3 shall be delivered to the SITCA for submission to the FSC.