Securities and Exchange Act Article 53

A person who falls within any of the following categories shall not serve as a director, supervisor, or managerial officer of a securities firm. If such a person is already serving in such a capacity they shall be discharged, and the Competent Authority shall make a written request to the Ministry of Economic Affairs to void the registration of such person as a director, supervisor, or managerial officer:1. Any person specified in any subparagraph of Article 30 of the Company Act.2. Any person who served as a director, supervisor, managerial officer, or other equivalent position in a juristic person at a time when it was adjudicated bankrupt, if three years have not elapsed since the close of the bankruptcy or the reconciliation has not been performed.3. Any person who within the last three years has a record with a financial institution of being refused transactions or a loss of credit.4. Any person who has been sentenced under this Act to a criminal penalty of severity equal to or greater than the imposition of a criminal fine, and three years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.5. Any person who has violated the provision of Article 51 hereof.6. Any person who was discharged from their position under Article 56 or subparagraph 2 of Article 66 hereof within the last three years.