Standards Governing the Establishment of Securities Investment Consulting Enterprises Article 37

An insurance enterprise applying to concurrently operate discretionary investment business shall meet the following conditions:1. Has net worth per share of not less than par value, as shown in the CPA-audited and attested financial report for the most recent period.2. Has not, during the last half year, on 3 or more occasions been given an official reprimand or ordered to achieve improvement within a specified period of time in accordance with Article 149, paragraph 1of the Insurance Act.3. Has not, during the last 2 years, been sanctioned under Article 149, paragraph 1, subparagraphs 1 to 4, or paragraph 2 or 4 of the Insurance Act. The same shall not apply, however, in the case of a sanction by the FSC ordering the removal of any staff member from office.4. If it has been sanctioned under any provisions of the preceding two subparagraphs and ordered to achieve improvement, concrete improvement has been achieved.