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Regulations Governing Responsible Persons and Associated Persons of Securities Firms(2005.09.15) |
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Article 3
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Associated persons of securities firms are classified into the following two categories in accordance with the complexity and responsibility of their duties:
1.Senior agent: the person who engages in the management of a department or is the responsible person of branch of a securities firm, or investment analysis or internal auditing as described in Paragraph 2 of Article 8.
2.Agent: the person who engages in the underwriting, dealing or consigned trading of securities or engaged in internal auditing or accounting.
Only the person who is trained and certified by the internal auditor training program held by the institution appointed by the Financial Supervisory Commission under the Executive Yuan (hereinafter "the Commission") can engage in the internal auditing as provided in Item 2 of the preceding Paragraph.
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Article 5
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A senior agent of a securities firm shall have one of the following qualifications:
1.university graduated or above and having been an agent of a securities institution for three years or more;
2.qualified as a securities investment analyst as prescribed in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises;
3.passed the securities firm's senior agent test held by the Securities and Futures Institute (hereinafter "SFI") at the request of the ROC Securities Dealers Association;
4.once registered as a securities firm's senior agent in accordance with these Regulations; or obtained a certificate for securities firm's senior agent issued by the Commission;
5.currently being an agent of a securities institution, and has served one year or more as an agent before the effectiveness of the June 18, 1991 amendment to these Regulations, and further that after its effectiveness, the person shall have served as an agent, cumulatively, for five years.
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Article 6
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An agent of a securities firm shall have one of the following qualifications:
1.qualified as a securities investment analyst as prescribed in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises;
2.passed the securities firm's agent test held by SFI at the request of the ROC Securities Dealers Association;
3.once registered as a securities firm agent in accordance with these Regulations; or obtained a certificate for securities firm's agent issued by the Commission;
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Article 9
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The general managers of securities firms shall be of upstanding character and possess the ability to effectively lead and manage a securities firm; with the exception of general managers of securities firms concurrently operated by financial institutions, which may otherwise be subject to the provisions of other acts and regulations, general managers shall possess at least one of the following qualifications:
1. Graduate of a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with five or more years of sales experience in securities, futures, finance, or insurance, and having held the position of assistant general manager or an equivalent position for one year or more at a securities or futures institution, or the position of manager or an equivalent position at a securities or futures institution for three years or more, with a good performance record.
2. Six years or more of work experience at a securities institution, and having served in the position of assistant general manager or an equivalent position at a securities or futures institution for one year or more or in the position of manager or an equivalent position at a securities or futures institution for three years or more, with a good performance record.
3. Other academic or work qualifications demonstrating possession of professional knowledge of securities and operations and management experience that would enable sound and effective management of securities firm business.
When hiring a general manager, a securities firm shall first submit documents verifying that the planned candidate meets the qualifications of the preceding paragraph to the stock exchange, the ROC Securities Dealers Association, or the OTC exchange for their review and approval, after which they shall be forwarded to the Commission for its review and approval, before the candidate may fill that position.
The provisions of the preceding two paragraphs shall apply mutatis mutandis to the responsible persons of foreign securities firms' branch units within the ROC.
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Article 10
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Managers of departments or the assistant general managers, assistants, managers, and the responsible persons of securities firms' branch units as set forth in Article 8, paragraph 2 shall possess one of the following qualifications:
1. Graduate of a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with three or more years of sales experience in securities, futures, finance, or insurance, with a good performance record.
2. Four years or more of work experience at a securities institution, with a good performance record.
3. Other academic or work qualifications demonstrating possession of professional knowledge of securities and operations and management experience that would enable sound and effective management of securities firm business.
For a branch unit of a foreign securities firm within the ROC, managers of departments that engage in underwriting, trading on its own accounts, consigned trading, clearing and settlement, and internal auditing shall possess the qualifications set forth in the preceding paragraph.
The provisions of paragraph 1 shall be applied mutatis mutandis for positions that are equivalent to assistant general manager, assistant, or manager under other laws or the articles of incorporation of a securities firm.
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