Standards Governing the Establishment of Managed Futures Enterprises Article 14

Under any of the following circumstances, the competent authority may refuse to issue approval for an application for operation of managed futures enterprise:1.The operations plan or the description of the internal control system lacks specificity or cannot be effectively implemented.2.The circumstances of Article 5 apply to the promoters, directors, supervisors, or managers.3.The qualifications of a manager or associated person are not in conformance with Articles 49 or 51 of the Regulations Governing Managed Futures Enterprises.4.A director, supervisor, or manager is in violation of Article 55 of the Regulations Governing Managed Futures Enterprises.5.A manager or associated person is in violation of Article 56 of the Regulations Governing Managed Futures Enterprises.6.The content or matters in the application form are discovered to contain misrepresentations.7.Other circumstances under which it is deemed necessary to refuse approval to protect the public interest.