Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants Article 5-1

An internal auditor of an FCM shall possess one of the following qualifications:1. A person who has obtained qualification as a futures trading analyst in accordance with the MFE Regulations and has 1 year or more of work experience at a securities, futures, banking, or insurance institution.2. A person who has obtained qualification as an associated person of an FCM in accordance with subparagraphs 1 to 3 of the preceding article and has 2 or more years of work experience at a securities, futures, banking, or insurance institution.3. A person who has graduated from a domestic or foreign university or higher educational institution recognized by the Ministry of Education, or holds an equivalent academic qualification, and has 2 years or more of audit work experience at a joint CPA firm meeting the conditions prescribed under the Regulations Governing Approval of Certified Public Accountants to Audit and Attest to the Financial Reports of Public Companies, and has obtained the qualification of a futures trading analyst or FCM associated person as set forth in subparagraph 1 or the preceding subparagraph, and has completed 15 or more hours of futures-related professional courses offered by the CNFA.An incumbent internal auditor at the time these Regulations are amended and issued who is not in compliance with these provisions shall, within 1 year from the amendment and issuance date, attend 30 hours or more of professional training courses for audit-related business held by the CNFA, SFI, Accounting Research and Development Foundation in Taiwan, or the Institute of Internal Auditors-Chinese Taiwan, provided that those who have already held the position of internal auditor of an FCM for 1 year or longer are exempted from the aforesaid training hour requirement.