Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises Article 12

A currently incumbent responsible person of a trust company who is promoted, or a person who is appointed to the position of responsible person after the amendment and issuance of these Regulations, shall possess the qualifications prescribed in these Regulations. Anyone who holds a position of responsible person without possessing such qualifications shall ipso facto be dismissed.When any circumstance under these Regulations that constitutes cause for ipso facto dismissal applies to a responsible person of a trust company, the party involved shall promptly notify the trust company.Upon learning that any circumstance that constitutes cause for ipso facto dismissal applies to a responsible person, a trust company shall promptly take the initiative to handle the matter, report to the competent authority, and notify the Ministry of Economic Affairs to revoke or void the relevant registration.