MEMORANDUM OF UNDERSTANDING BETWEEN THE SECURITIES AND EXCHANGE COMMISSION IN TAIPEI AND THE MONETARY AUTHORITY OF SINGAPORE ON THE EXCHANGE OF INFORMATION CONCERNING COMMODITY FUTURES AND OPTIONS (AD.1993.02.08)-1

The cooperation to be implemented:under this arrangement provid-es for the exchange of information between the Securities and E-xchange Commission in Taipei (SEC) and the Monetary Authority ofSingapore (MAS). This arrangement is viewed by the respective p-arties as a definitive step towards greater cooperation between the parties concerned in the supervision of their respective fu-tures and options markets. The information sharing shall be on an “as needed" basis and would cover transactions in the futuresand options markets. Such information to be provided under this arrangement could include, but shall not be limited to, confirm-ation data, position data, firm-related data, and data related to sales practices of futures brokers licensed by one party sel-ling into the other’s market. With the initiation of this arrangement, each party contemplatesthe communication of relevant information to the other with res-pect to quotation and trading halts and/or suspensions and resu-mption of trading in each market. It is also contemplated that the parties will cooperate in sharing regulatory information as needed for purposes of their sunreillance and investigation res-ponsibilities. In furtherance of these cooperative regulatory efforts, the SEC and MAS contemplate the exploration of joint regulatory initiat-ives which may include the development of minimum standards app-licable to international transactions in financial futures and options and appropriate procedures to ensure compliance with su-ch standards by their respective market participants, and to en-sure the joint development of their respective markets. Each party acknowledges that it agrees, in the course of obtain-ing such information pursuant to this arrangement, that the inf-ormation shall not be disclosed to any other person. However, n-othing herein shall constrain either the SEC or MAS from using confidential information obtained from the other party, or from providing such information, upon request, to the appropriate go-vernmental authority responsible for investigation and prosecut-ion. Signed at Singapore, this eighth day of February, 1993 For the Securities and Exchange For the Monetary Authority of Commission in Taipei Singapore [Signed] [Signed] Chang, Chang-Pang Koh Beng Seng Chairman Deputy Managing Director