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Article 53
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A person who falls within any of the following categories shall not serve as a director, supervisor, or managerial officer of a securities firm. If such a person is already serving in such a capacity they shall be discharged, and the Competent Authority shall make a written request to the Ministry of Economic Affairs to void the registration of such person as a director, supervisor, or managerial officer:<br/>1. Any person specified in any subparagraph of Article 30 of the Company Act.<br/>2. Any person who served as a director, supervisor, managerial officer, or other equivalent position in a juristic person at a time when it was adjudicated bankrupt, if three years have not elapsed since the close of the bankruptcy or the reconciliation has not been performed.<br/>3. Any person who within the last three years has a record with a financial institution of being refused transactions or a loss of credit.<br/>4. Any person who has been sentenced under this Act to a criminal penalty of severity equal to or greater than the imposition of a criminal fine, and three years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.<br/>5. Any person who has violated the provision of Article 51 hereof.<br/>6. Any person who was discharged from their position under Article 56 or subparagraph 2 of Article 66 hereof within the last three years.
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