Regulations Governing the Issuance of Exchange Traded Notes by Securities Firms Article 13

After a securities firm has obtained effective registration to issue ETNs, except as otherwise provided by the competent authority, it may undertake the procedures to reopen the original issue if, for the 5 business days preceding the registration date, the average ratio of the number of units already issued to the number of units to be issued under the original effective registration is 80 percent or higher.