Regulations Governing the Qualification Requirements and Professional Development of Principal Accounting Officers of Issuers, Securities Firms, and Securities Exchanges Article 5

When an issuer, securities firm, or securities exchange appoints a principal accounting officer, the appointee shall meet the qualification requirements under Articles 3 and 4 above.If the current principal accounting officer of a foreign company as of the time of issuance of the 25 July 2012 amendment to these Regulations, or of a company that is conducting an initial public offering, is not in compliance with the requirements of Article 3 herein, then except where the competent authority otherwise grants approval, the company shall require that within 1 year of the date of issuance of the aforesaid amendment to these Regulations or the date of effective registration of the initial public offering, the accounting officer takes 75 hours or more of professional training courses in accounting or auditing offered by a professional development institution recognized by the competent authority, as well as 15 hours or more of courses in financial laws and regulations, finance, professional ethics, or legal liability. The principal accounting officer shall obtain passing scores in the courses.When a principal accounting officer who is required to receive training under the preceding paragraph has earlier completed courses in accounting, auditing, finance, financial laws and regulations, or other related subjects, or has practical experience relating to accounting or auditing, then upon recognition of the previous courses or experience by the professional development institution approved by the competent authority to offer the courses required by the preceding paragraph, a deduction may be made from the course hours required by the preceding paragraph, provided that no more than 60 hours may be deducted.