Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants Article 20-1

An FCM's board of directors is responsible for the appointment of managers and shall scrupulously review to ensure that the appointed managers meet the qualification requirements. The board of directors is also responsible for overseeing the maintenance of qualifications by managers and the suitability of managers in their positions.The board of directors shall scrupulously oversee the company's implementation of the accountability of managerial officers, establish related systems, and include them in the assessment of the suitability of managerial officers.Any person who is promoted or appointed after the enforcement of the amendment to these Regulations to a position as an FCM general manager, managerial officer other than a general manager, or responsible person of the Republic of China branch office of a foreign FCM shall possess the qualifications and meet the requirements set forth in these Regulations, otherwise, they shall be discharged.