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Article NO. Content

Title:

Regulations Governing Responsible Persons and Associated Persons of Securities Firms  CH

Amended Date: 2020.10.26 (Articles 10 amended,English version coming soon)
Current English version amended on 2020.01.15 
Article 9     A securities firm shall have one general manager, who shall be responsible for the overall administration of the business operations of the entire company. The securities firm may not have any other person in a position with equivalent responsibilities.
    The general managers of securities firms shall be of upstanding character and possess the ability to effectively lead and manage a securities firm; with the exception of general managers of securities firms concurrently operated by financial institutions, to whom the provisions of other acts and regulations may apply, general managers shall possess at least one of the following qualifications:
  1. Graduation from a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with 5 or more years of sales experience in securities, futures, finance, or insurance, and having held the position of assistant general manager or an equivalent position for 1 year or more at a securities or futures institution, or the position of manager or an equivalent position at a securities or futures institution for 3 years or more, with a good performance record.
  2. Six years or more of work experience at a securities institution, and having served in the position of assistant general manager or an equivalent position at a securities or futures institution for 1 year or more or in the position of manager or an equivalent position at a securities or futures institution for 3 years or more, with a good performance record.
  3. 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.
    When hiring a general manager, a securities firm shall first submit documents verifying that its candidate meets the qualifications of the preceding paragraph to the stock exchange, the ROC Securities Dealers Association, or the Taipei Exchange (TPEx) for their review and approval, after which they shall be forwarded to the FSC for its review and approval, before the candidate may fill that position.
    The provisions of the preceding two paragraphs apply mutatis mutandis to the responsible persons of a foreign securities firm's branch unit within the ROC.
    The chairman of a securities firm may not concurrently serve as its general manager. This restriction, however, does not apply under any of the following circumstances if approval is obtained from the FSC:
  1. The securities firm does not concurrently operate any other enterprise, operates only one line of business, and has only one business location; or it operates only one line of business, concurrently operates only futures introducing broker business, and has only one business location.
  2. The securities firm will cease to exist as a result of a merger or dissolution, and its chairman or general manager has resigned or otherwise been unable to continue the performance of duties.
  3. The securities firm's business permission was voided by the FSC, and its chairman or general manager has resigned or otherwise been unable to continue the performance of duties.
  4. Any other special cause.