Any company whose shares are listed on the stock exchange or traded on the OTC market and that handles its own shareholder services, or any shareholder services agent of such a company, when handling shareholder services, shall allocate a sufficient number of personnel, provide them with appropriate training and management, and meet the following conditions:
Personnel of a shareholder services agent who are counted toward the minimum standards for numbers of personnel set forth in the preceding paragraph shall be full-time employees. At a company that handles its own stock registrar and transfer services, at least three of the personnel counted as meeting the qualifications of the preceding paragraph shall be full-time employees, and the remainder may be part-time employees.
- At least one of the shareholder services agent's supervisory personnel must possess at least 5 years of practical experience in shareholder services operations; at least one-third of the remaining shareholder services business personnel, and no less than 5 in all, must meet one of the following criteria. However, this ratio requirement does not apply if at least 20 business personnel handling shareholder services meet the criteria:
- Have three or more years of practical experience in shareholder services.
- Are an agent or senior agent of a securities firm.
- Have successfully passed the shareholder services examination held by an institution designated by this Commission.
- If a company handles its own shareholder services, at least 1 of its supervisory personnel must have 5 or more years of practical experience in shareholder services, and at least 5 of the business personnel that handle shareholder services shall meet one of the qualifications set out under the preceding subparagraph.
The associated persons who handle shareholder services shall participate in education and training courses related to shareholder services that are held by the institution designated by this Commission, in accordance with the number of such course hours required by that institution.
If a company handles shareholder services for itself, or on behalf of another, for stock of a company that is already listed or traded on the OTC market, it shall report the basic information of the supervisory and business personnel for such services to the institution designated by this Commission before such employees carry out their duties, and file a summary report of any changes thereto by the 15th day of the month following the month in which such changes occurred.