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

An associated person of an FCM, except for one engaged in the operations specified in Article 2, paragraph 2, subparagraph 6 herein, shall possess one of the following qualifications:1. The associated person has passed an associated person qualification examination administered by the Securities and Futures Institute (SFI) on behalf of the Chinese National Futures Association (CNFA).2. The associated person has passed an associated person qualification examination administered by the competent authority of the home country of a foreign futures exchange announced under Article 5 of the Act, and such qualification to practice is still effective; has at least 2 years of practical experience, and has been recognized by the FSC.3. The associated person has passed, before implementation of the amendment to these Regulations, an associated person qualification examination held by the FSC or another institution designated by the FSC.4. The associated person has obtained qualifications as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises ("MFE Regulations").