Regulations Governing Managed Futures Enterprises Article 54

Registration of the managed futures enterprise's responsible person and associated persons, and any changes thereto, shall be carried out through the CNFA by the managed futures enterprise to which they belong; responsible persons and associated persons may not engage in their appointed duties without such prior registration.If any of the following circumstances exists at a managed futures enterprise, the registration referred to in the preceding paragraph may not be effected, and where registration has already been effected, it shall be voided:1. Any of the circumstances set out in Article 5 of the Standards Governing Establishment of Managed Futures Enterprises exist.2. The registree does not possess the qualifications set out in Articles 49 to 51 herein.3. The registree has violated the provisions of Articles 55 or 56 herein.A managed futures enterprise shall report any change in its responsible person or associated persons to the CNFA within five business days from the day after such change occurs; prior to the registration of such change, the managed futures enterprise shall remain liable for the actions of such employees.