Regulations Governing Futures Advisory Enterprises Article 25

The registration of responsible persons and associated persons of futures advisory enterprises, and any changes thereto, shall be carried out through the Futures Association by the futures advisory enterprise to which they belong; responsible persons and associated persons may not engage in their appointed duties without such prior registration.Under any of the following circumstances, the registration referred to in the preceding paragraph may not be effected, and where registration has already been effected, it shall be voided:1. Circumstances set out in Article 19.2. The registree does not possess the qualifications set out under Articles 20 or 21.3. The registree has violated the provisions of Article 23 or Article 24 herein.Any change in the position of the responsible person or an associated person of a futures advisory enterprise shall be reported to the Futures Association, and return or re-issuance of identification badges carried out, within five business days of the occurrence of the change; prior to registration of any such change, the futures advisory enterprise to which the responsible person or associated person belongs shall not be immune from liability for the conduct of the person.