a. (1) Act of providing investment advisory services or (2) Business of acting as an agent or intermediary for the conclusion of an investment advisory contract or a discretionary investment contract falls under the definition of "Investment Advisory and Agency Business." In order to conduct any of these acts as a business, registration as an "Investment Advisory and Agency Business" is required (Article 2(8)(xi), (xiii), Article 28(3), and Article 29 of the Financial Instruments and Exchange Act ("FIEA"). (1) "Investment advisory services" means to provide advice on, among other things, the value of securities or investment decisions based on an analysis of, among other things, the value of financial instruments under an investment advisory contract but does not include making final investment decision or authority to invest. (2) "Agency or intermediary for the conclusion of an investment advisory contract or a discretionary investment contract" means agency or intermediary services on behalf of the contracting entities to execute an investment advisory contract or a discretionary investment contract (see b. Investment Management Business) under which advice on the value of securities or investment decisions is provided as described above. (1) Types and Outline of Licenses Investment Advisory and Agency Business 20 1. Licenses Related to Asset Management Business Ⅱ. Financial Licenses and Procedures
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