Standards Governing the Establishment of Futures Advisory Enterprises Article 11

A futures broker, managed futures enterprise, securities broker, or SICE applying for approval to concurrently operate a futures advisory enterprise may simultaneously apply for approval to operate futures advisory business on behalf of its branch offices.Applications by the enterprises named in the preceding paragraph for approval for concurrent operation of futures advisory business by a branch office shall be restricted to those enterprises whose head offices have already obtained an approval or certificate of license for concurrent operation of a futures advisory enterprise; those enterprises shall also be in compliance with the provisions of Article 5. When such an enterprise is not in compliance with the provisions of Article 5, paragraph 1, subparagraph 3 through subparagraph 7, but there has been concrete improvement of the circumstances and it has received approval from the competent authority, the enterprise may be exempt from the restrictions of subparagraph 5.