Regulations Governing Futures Advisory Enterprises Article 20

Except where otherwise provide in these Regulations, an associated person engaged in the operations set out in the subparagraphs of Article 4 shall possess one of the following qualifications:1. Having obtained qualification in accordance with the Regulations Governing Managed Futures Enterprises.2. Having obtained qualification as an associated person of a futures commission merchant in accordance with Article 5, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, while having also engaged in securities- or futures-related work at a securities or futures institution for a period of two years or more.