Standards Governing the Establishment of Futures Trust Enterprises Article 18

Upon an application for operation of a futures trust enterprise, the competent authority may deny permission in any of the following circumstances:1.Any violation of Article 7 or 13 hereof or of Article 11 of the Regulations Governing Futures Trust Enterprises.2.The promoters' qualifications do not meet the requirements set out in Article 12 hereof.3.Any circumstance in Article 5 hereof, or any violation of Article 6 hereof, exists with respect to any promoter.4.Any circumstance in Article 5 hereof, or any violation of Article 56, paragraph 3 of the Regulations Governing Futures Trust Enterprises, exists with respect to any director, supervisor, managerial officer, or department supervisor.5.The business plan or the internal control system is not concrete enough, or cannot be executed effectively.6.There is likelihood that the professional competence of any promoter is insufficient for sound and effective operation of a futures trust enterprise, or denial of permission is otherwise deemed necessary to protect the public interest.7.Any misrepresentation or falsehood is found in any content or information in the application documents.