Regulations Governing Responsible Persons and Associated Persons of Securities Firms Article 11

A securities firm's board of directors is responsible for the appointment of managers and shall scrupulously review to ensure that the appointed managers meet the qualification requirements. The board of directors is also responsible for overseeing the maintenance of qualifications by managers and the suitability of managers in their positions.The board of directors shall scrupulously oversee the company's implementation of the accountability of managerial officers, establish related systems, and include them in the assessment of the suitability of managerial officers.When any person is promoted or assigned, after the amendment of these Regulations, to a position as a securities firm's general manager, supervisory personnel of any department set forth in Article 8, paragraph 1, anyone overseeing any of those departments, or an assistant general manager, deputy assistant general manager, or manager of any of those department, or a responsible person of a branch office or simple branch office of the securities firm, such person shall possess or be in conformance with the qualifications set forth in these Regulations; those who do not meet those qualifications shall be dismissed.