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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(2010.10.11)
Date:
Article 9 A securities firm shall have one general manager, who shall be responsible for the overall administration of the business operations of the entire company, and it may not have any other person in an equivalent position.
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 GreTai Securities Market 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 responsible persons of foreign securities firms' branch units within the ROC.
The chairman of a securities firm may not concurrently serve as the general manager. This restriction, however, does not apply if any of the following circumstances exists and if approval is obtained from the FSC:
1. The securities firm does not concurrently operate another enterprise, and operates only in one line of business and has only one business location.
2. The securities firm will cease to exist as a result of a merger or dissolution, and its chairman or general manager has resigned or otherwise been unable to continue the performance of duties.
3. The securities firm's business permission was voided by the FSC, and its chairman or general manager has resigned or otherwise been unable to continue the performance of duties.
4. Any other special cause.
Article 9-1 If before the 11 October 2010 amendment to these Regulations enters into force, a securities firm does not meet the requirements under paragraph 1 of the preceding article, it shall make the adjustments within 6 months starting from the date the amendment enters into force, and if it does not meet the requirements under paragraph 5 of the preceding article, it shall make the adjustments within 1 year starting from the date the amendment enters into force.