Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises Article 15

A responsible person of a SITE, and its department heads, branch unit managerial officers, or fund managers, or spouses thereof, when acting as a director, supervisor, or managerial officer of a securities issuing company, or as a shareholder holding 5 percent or more of the total issued shares of a securities issuing company, may not participate in decision making regarding trades when the SITE utilizes the securities investment trust fund to trade in the securities of such issuing company.Unless otherwise provided by an act or regulation, a SITE's responsible person(s), department heads, branch unit managerial officers, or fund managers, or the SITE's shareholder's representative in any share issuing company from which the SITE purchases stock, may not assume a position as a director, supervisor, or managerial officer of an issuing company from which the securities investment trust fund purchases stock.Unless otherwise provided by an act or regulation, a SITE's responsible person(s), department heads, or branch unit managerial officers may not invest in any other SITE or concurrently act as a director, supervisor, or managerial officer of another SITE or a securities investing consulting enterprise (SICE) or a securities firm.For the purpose of determining those holding 5 percent or more of a company's total issued shares as referred to in paragraph 1, shares held by a shareholder's spouse or minor children, or held on that shareholder's behalf under others' names, shall be included in calculation of that shareholder's holdings.