A Licensed Person who is authorized to manage Securities Investment Portfolios shall abide by the following: 1. He shall not establish Investment Portfolios for his interest with another Licensed Person, except for the portfolios established with another Licensed Person for investment in foreign markets or an Investment Portfolio mortgaged as guarantee for any bank. Both Portfolio contract parties and the bank are required to have agreed on the mechanisms for managing the Investment Portfolio concerned. 2. He shall not make internal transfers between Investment Portfolios he manages. 3. A manager of an Investment Portfolio is prohibited from purchasing or selling Treasury Shares in a Portfolio owned by the company which has Issued those Shares. 4. The Licensed Person shall ensure that a person managing an Investment Portfolio is not a Member of a Board of Directors of, and shall not hold any Executive Position in, any other Licensed Persons.