Regulations Governing Offshore Securities Branches Article 13

A managerial officer of an offshore securities branch must meet the qualification requirements set out in Article 2, paragraph 1 and Article 10, paragraph 1 of the Regulations Governing Responsible Persons and Associated Persons of Securities Firms. A person serving in that capacity pursuant to Article 10, paragraph 1, subparagraph 4 of the same Regulations, however, shall possess professional knowledge in the field of international finance or experience in foreign exchange business.