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Relevant Laws

Title:Regulations Governing the Qualification Requirements and Professional Development of Principal Accounting Officers of Issuers, Securities Firms, and Securities Exchanges (2012.07.25)
Article 5     When an issuer, securities firm, or securities exchange appoints a principal accounting officer, the appointee shall meet the qualification requirements under Articles 3 and 4 above.
    If the current principal accounting officer of a foreign company as of the time of issuance of the 25 July 2012 amendment to these Regulations, or of a company that is conducting an initial public offering, is not in compliance with the requirements of Article 3 herein, then except where the competent authority otherwise grants approval, the company shall require that within 1 year of the date of issuance of the aforesaid amendment to these Regulations or the date of effective registration of the initial public offering, the accounting officer takes 75 hours or more of professional training courses in accounting or auditing offered by a professional development institution recognized by the competent authority, as well as 15 hours or more of courses in financial laws and regulations, finance, professional ethics, or legal liability. The principal accounting officer shall obtain passing scores in the courses.
    When a principal accounting officer who is required to receive training under the preceding paragraph has earlier completed courses in accounting, auditing, finance, financial laws and regulations, or other related subjects, or has practical experience relating to accounting or auditing, then upon recognition of the previous courses or experience by the professional development institution approved by the competent authority to offer the courses required by the preceding paragraph, a deduction may be made from the course hours required by the preceding paragraph, provided that no more than 60 hours may be deducted.
Article 6     Professional development courses for principal accounting officers shall include at minimum courses in accounting, auditing, finance, financial laws and regulations, corporate governance, professional ethics, and legal liability.
    Except where otherwise approved by the competent authority, the required course hours for professional development for principal accounting officers of issuers, securities firms, and securities exchanges shall be as follows:
  1. Within 1 year of appointment, a newly appointed principal accounting officer shall take 30 hours or more of professional training courses in accounting, auditing, finance, financial laws and regulations, corporate governance, professional ethics, legal liability, and other related subjects offered by a professional development institution recognized by the competent authority. A minimum of three hours must be in the required courses of professional ethics and legal liability.
  2. If the current principal accounting officer of a foreign company as of the time of the 25 July 2012 amendment to these regulations, or of a company conducting an initial public offering, meets the requirements of Article 3 herein, the officer shall receive professional training in accordance with the preceding subparagraph within 1 year of that date, provided that when professional development training for principal accounting officers has been received prior to the date of issuance of the aforesaid amendment to these Regulations and is recognized by the professional development institution approved by the competent authority to offer the courses under the preceding subparagraph, the hours of that training may be deducted from the required hours.
  3. Each year, between 1 January and 31 December of the given year, a principal accounting officer shall take a minimum of 12 hours of professional development courses in the areas of accounting, auditing, finance, financial laws and regulations, corporate governance, professional ethics, legal liability, and other related subjects offered by a professional development institution recognized by the competent authority.