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Amendments

Title:

Regulations Governing Responsible Persons and Associated Persons of Securities Firms  CH

Amended Date: 2020.10.26 

Title: Regulations Governing Responsible Persons and Associated Persons of Securities Firms(2008.06.09)
Date:
Article 11-1 A responsible person of a securities firm may not serve as a responsible person of a bank, financial holding company, trust company, credit cooperative, credit department of a farmers' (fishermen's) association, bills finance company, futures enterprise, insurance enterprise, or another securities enterprise. However, this restriction shall not apply in the following circumstances:
1. Where it is for purposes of an investment relationship between the securities firm and such institutions, and there is no overlapping of the chairmen and/or managerial officers thereof.
2. Where it is for purposes of conducting a merger or consolidation, and this Commission has granted approval, a responsible person may serve as the chairman of such a finance-related enterprise.
3. Where a securities firm is a subsidiary of a financial holding company, a responsible person of the securities firm may serve as a responsible person of such financial holding company or of another of its subsidiaries; provided, that there may not be overlapping of managerial officers between the subsidiaries.
4. Where a securities firm is a juristic-person director or supervisor of a financial holding company, its responsible person, for purposes of serving as a responsible person of that holding company, may concurrently serve as a director or supervisor of a subsidiary of that holding company.
Where there is an investment relationship between a securities firm and a non-financial institution that is a public issuer, no responsible person of the securities firm may concurrently serve as the chairman or a managerial officer of such an investee company.
Any concurrent holding of positions by a responsible person of a securities firm shall be limited to the scope necessary for ensuring the effective execution of the responsible person's duties as such and duties in the concurrently held position, and for maintaining the business operations of the securities firm; it may not involve any conflict of interest or violation of securities regulations or the internal control system, and the rights and interests of shareholders shall be protected.