Regulations Governing Managed Futures Enterprises Article 55

The responsible person of a managed futures enterprise may not hold a position as a responsible person at another managed futures enterprise, futures advisory enterprise, or futures commission merchant, provided that this restriction shall not apply under the following circumstances:1. The managed futures enterprise and such other futures enterprise(s) are controlled by the same controlling company as defined in Chapter 6-1 of the Company Act, and there is no overlapping in chairperson or managerial officer between the respective enterprises, and the Competent Authority grants approval.2. To meet requirements for implementing a merger and with the approval of the Competent Authority, a responsible person of the managed futures enterprise may hold the position of chairperson at such other futures enterprise(s).3. If the managed futures enterprise is a subsidiary of a financial holding company, a responsible person of the managed futures enterprise may concurrently serve as a responsible person of that holding company or of another subsidiary, provided that there may not be any overlapping in managerial officers between subsidiaries.4. If the managed futures enterprise is a juristic-person director or juristic-person supervisor of a financial holding company, a responsible person of the managed futures enterprise, by reason of serving as a responsible person of that holding company, may concurrently serve as a director or supervisor of a subsidiary of that holding company.The holding of any concurrent position by a responsible person of a managed futures enterprise shall be confined to such necessary scope as will ensure the effective discharge of the duties of the principal and concurrent positions and will maintain the business operations of the managed futures enterprise, and may not involve any conflict of interest or violation of the provisions relevant to managed futures enterprises or internal control systems, and shall protect shareholder rights and interests.If a director or supervisor of a managed futures enterprise is a juristic-person shareholder, the provisions of these Regulations regarding directors and supervisors shall apply mutatis mutandis to the performance of duties by the representative or designated representative of such juristic-person shareholder.If a director or supervisor of a managed futures enterprise serves in such capacity in the status of the representative of a juristic-person shareholder, the provisions of these Regulations regarding directors and supervisors shall apply mutatis mutandis to the juristic person shareholder.