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Article 2
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The term "responsible person" as used in these Regulations shall be defined in accordance with Article 8 of the Company Act.
The term "associated persons" as used in these Regulations means persons who engage in the following businesses for a securities firm:
- Securities investment analysis, internal auditing, self-auditing, legal compliance, or in-charge accountant.
- Liaison or execution of securities underwriting and trading.
- Proprietary securities trading, clearing and settlement, or agency for shareholder services.
- Account opening, credit searches, solicitation, recommendation, brokerage order taking, filing, clearing, settlement, or receipt, payment, and safekeeping of cash and stocks, in connection with securities trading.
- Margin purchases or short sales in securities trading.
- Derivatives trading.
- Risk management.
- Conducting other approved business.
Responsible persons and associated persons of the overseas branch of a securities firm shall abide by the local laws and regulations governing securities in the country where they conduct business. With the exception of Article 12, Article 13, and Article 18, paragraph 1, these Regulations shall not apply.
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Article 8
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In a securities firm, qualification as a senior agent shall be required for the supervisory personnel of departments engaged in underwriting, proprietary trading, brokerage trading, clearing and settlement, internal auditing, shareholder services, and financial affairs. a branch unit of a securities firm, qualification as a senior agent shall be required for its responsible persons and the supervisory personnel of the brokerage trading and clearing and settlement departments. a securities firm concurrently operated by a financial institution, however, separate provisions of the FSC may be followed with respect to the supervisory personnel of internal auditing departments and financial affairs departments.
In a foreign securities firm's branch unit within the ROC, with the exception of its responsible persons and the supervisory personnel of its financial affairs and shareholder services departments, qualification as a senior agent shall be required for the supervisory personnel of departments engaged in underwriting, proprietary trading, brokerage trading, clearing and settlement, and internal auditing.
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