Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises Article 3

A SICE shall have one general manager, who shall be responsible for the overall administration of the business operations of the entire company, and it may not have any other person in an equivalent position.The general manager of a SICE shall possess one of the following qualifications:1. Meets the securities investment analyst qualifications under Article 4, and also has 1 year or more of relevant work experience at a qualified institutional investor(s).2. Is a graduate of a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or has an equivalent level of education, and also has 4 or more years of relevant work experience at a qualified institutional investor(s), with a good performance record.3. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of securities and finance, operational experience, and leadership ability that would enable sound and effective operation of SICE business.A person who, before the adoption and issuance of these Regulations, was already serving as the general manager of a SICE may continue to serve in the original position or for the duration of the original term, without being subject to the restrictions of the preceding paragraph.