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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 10
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The supervisory personnel of the departments set forth in Article 8, paragraph 1, and the assistant general managers, deputy assistant general managers, and managers of those departments, or those who oversee those departments, and the responsible persons of securities firms' branch units, shall possess one of the following qualifications:
- Graduation from a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with 3 years or more of business work experience and a good performance record in a securities, futures, finance, or insurance institution.
- Four years or more of work experience and a good performance record at a securities institution.
- Six years or more of work experience, with a good performance record, in a professional field such as information, technology, law, e-commerce, or digital economy.
- 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.
The chief internal auditor of an exchange-listed or OTC-listed securities firm or a securities subsidiary of a financial holding company, in addition to possessing one of the qualifications in the preceding paragraph, shall have an occupational rank equal to an assistant general manager or a position with equivalent duties, and may assume their position only after the candidate is reported to the FSC for review and found to be qualified.
For a branch unit of a foreign securities firm within the ROC, the supervisory personnel of departments that engage in underwriting, proprietary trading, brokerage trading, clearing and settlement, and internal auditing shall possess the qualifications of the paragraph 1.
The provisions of paragraph 1 shall apply mutatis mutandis to positions equivalent to assistant general manager, deputy assistant general manager, or manager under other laws or under the articles of incorporation of the securities firm.
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