These Regulations are promulgated pursuant to the provisions of Article 23-4 of the Fair Trade Act (“the Act” for short).

The provisions of these Regulations shall apply to relevant matters including any multi-level sales enterprise' filing for record, inspection of activities, required CPA certification of and public disclosure of financial statements, matters requiring notice to participants, the content of participation agreements, the protection of participants' interests, conduct prohibited as materially affecting the interests of participants, and managerial obligations toward participants.

(Deleted)

(Deleted)