The Capital Market Law

a) It shall be prohibited for any person to carry out any activities of the Exchange, the Depository Center, or the Clearing Center, or establish or operate any of them without obtaining a license from the Authority, provided that such person takes the legal form of a joint stock company. b) The Implementing Regulations shall specify the provisions related to the licensing of the Exchange, the Depository Center, and the Clearing Center, including the requirements for licensing and maintaining such license, as well as the provisions relating to its relinquishment. c) The Authority may exempt any security from the activities of the Depository Center or the Clearing Center. The Depository Center or the Clearing Center may perform a part of the activities of the Clearing Center or the Depository Center for a certain category of securities as the Board deems fit.