Securities and Exchange Act Article 54

Associated persons employed by securities firms whose duties relate to the securities business shall have reached the age of majority and possess the qualifications required by relevant laws and regulations and shall not fall into any of the following categories:1. Having been adjudicated bankrupt and their rights not yet reinstated, or having been declared by a court to be under guardianship or assistance, and that declaration has not been voided.2. Concurrently holding a position with another securities firm, provided that this restriction shall not apply when there is an investment relationship and the Competent Authority has granted approval allowing concurrent holding of the position of director or supervisor at the invested securities firm.3. Having been sentenced to a criminal penalty of severity equal to or greater than a term of imprisonment for fraud, breach of trust, or violation of laws governing business and industry, and three years have not elapsed since completion of the sentence, expiration of the suspended sentence, or pardon.4. Falling in any of the situations specified in subparagraphs 2 through 4 or subparagraph 6 of the preceding Article.5. Having violated any order issued by the Competent Authority in accordance with this Act.The job titles of the associated persons referred to in the preceding paragraph shall be prescribed by the Competent Authority.