Regulations Governing Managed Futures Enterprises Article 49

Except where these Regulations or the Competent Authority provides otherwise, an associated person that engages in business set out in any subparagraph of Article 7 shall possess one of the following qualifications:1. Qualification as a futures trading analyst.2. Qualification as an associated person of a futures commission merchant pursuant to Article 5, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants ("Personnel Regulations").