Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants Article 3-1

An FCM shall have one general manager, who shall be responsible for the overall administration of the business operations of the entire company, and it may not have any other person in an equivalent position.The general manager of an FCM shall be of upstanding character and possess the ability to effectively lead and manage an FCM, and shall possess one of the following qualifications (provided that a general manager of an FCM concurrently operated by a securities firm or banking institution may instead be subject to the requirements set forth in other laws or regulations):1. The general manager has graduated from a domestic or foreign junior college or higher-level educational institution recognized by the Ministry of Education, or has achieved an equivalent level of education, has 5 years or more of operational work experience at a securities, futures, banking, or insurance institution(s), and has served for at least 1 year as assistant general manager of a securities or futures institution(s) (or in an equivalent position), or has served for at least 3 years as a manager at a securities or futures institution(s) (or in an equivalent position), with good performance.2. The general manager has worked for at least 6 years in futures institution(s), and has served for at least 1 year as assistant general manager of a securities or futures institution(s) (or in an equivalent position), or has served for at least 3 years as a manager at a securities or futures institution(s) (or in an equivalent position), with good performance.3. The general manager has other academic and employment experience sufficient to prove that he/she has professional knowledge and managerial experience in the field of futures, and could soundly and efficiently operate FCM business.Before an FCM hires a general manager, it shall first submit to the Taiwan Futures Exchange ("TAIFEX") documentary evidence proving that the person it intends to hire possesses one of the qualifications set forth in the preceding paragraph. The person to be hired shall not assume the post until after TAIFEX has issued approval and reported the matter to the Financial Supervisory Commission (FSC) for recordation.The responsible person of the Republic of China branch office of a foreign FCM shall possess one of the qualifications set forth in paragraph 2. Documentary evidence proving the person's qualifications shall be submitted in advance to TAIFEX, and the person shall not assume the post until after TAIFEX has issued approval and reported the matter to the FSC for recordation.