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Article 9-1
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The chairman of a securities firm shall have good moral character, the ability to effectively lead and manage a securities firm and—with the exception of a chairman of a securities firm concurrently operated by a financial institution, who may instead be subject to the provisions of other laws and regulations—shall also meet one of the following qualifications:
- Has graduated from a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or possesses equivalent academic qualifications, and has no less than 3 years of work experience engaging in business at a securities, futures, financial, or insurance institution(s), and has served for no less than 1 year in the position of manager or higher or an equivalent position at a securities or futures institution(s), with a good performance record.
- Has graduated from a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or possesses equivalent academic qualifications, has no less than 5 years of work experience in securities administration or supervision, and has served for no less than 1 year in the position of intermediate civil service employee at grade 9 or higher or in an equivalent position, with a good performance record.
- Has no less than 5 years of work experience at securities, futures, financial, or insurance institution(s), and has served for no less than 3 years in the position of assistant manager or higher or in an equivalent position at a securities or futures institution(s), with a good performance record.
- Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge and operational and management experience in securities, futures, or finance that would enable sound and effective operation of securities firm business.
A securities firm shall, within 10 days after its chairman has been elected, submit relevant qualification documents to the stock exchange, the over-the-counter stock exchange, or the Securities Association for their review, after which they shall be forwarded to the FSC for approval. If any qualification of the chairman is not approved by the competent authority, the competent authority may order the securities firm to make changes within a prescribed period of time. The same shall apply if factual evidence shows that the person does not possess the required good moral character, abilities, and qualifications specified in the preceding paragraph after taking office.
If a securities firm has any question over the application of subparagraph 4 of paragraph 1 to its candidate for chairman, the securities firm may, before electing the chairman, submit the candidate's qualifications to the stock exchange, the over-the-counter stock exchange, or the Securities Association for their review and forwarding to the FSC for approval.
A person who was already serving as chairman of a securities firm prior to the enforcement of the 28 October 2022 amendment to this article may continue to serve as chairman for the duration of their original term, without being subject to the restrictions in paragraph 1 and paragraph 2. A chairman of a securities firm who is elected after the amendment to these Regulations shall be required to meet the good moral character, abilities, and qualifications as required under these Regulations; one who fails to meet them shall be dismissed.
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