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Article NO. Content

Title:

Directions for the Conduct of Wealth Management Business by Securities Firms  CH

Amended Date: 2015.01.21 
10     A securities firm conducting wealth management business by means of trusts shall set up a dedicated department for trust business in its head office. Such dedicated department for trust business may be merged into the dedicated department under paragraph 1 of the preceding point, provided that those in the merged dedicated department with power to decide the allocation of trust assets may not handle businesses from outside of the dedicated department
    The dedicated department for trust business under the preceding paragraph may handle the acceptance, management, allocation, and disposition of trust assets. Unless approval is obtained from the FSC, the trust business that a branch office may conduct is limited to accepting trust assets.
    When the type of business under Point 4, paragraph 1, subparagraphs 3 and 4 conducted by a securities firm involves discretionary investment business, the securities firm may establish within the dedicated department for trust business under paragraph 1 a dedicated unit for discretionary investment business to handle discretionary investment business, or follow the provisions set out in Article 31-1, paragraph 1 of the Regulations Governing the Conduct of Discretionary Investment Business.
    The personnel of the dedicated unit of the preceding paragraph may not handle business other than that of the dedicated unit, nor may business of the dedicated unit be handled by personnel other than those of the unit.