Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises Article 17

The trust-related expertise or experience required of the operations and managerial personnel of a trust enterprise in accordance with Articles 14 to 16 shall be reviewed by and registered with the Trust Association. Except for newly appointed supervisory or managerial personnel, who are allowed 3 months after assuming their positions to become qualified and register with the Trust Association, none of those personnel may perform their duties unless they have been registered. A trust enterprise shall report any change in personnel to the Trust Association within 5 business days from the day following the change.Under any of the following circumstances, the Trust Association may not carry out the registration specified in the preceding paragraph for the operations or managerial personnel of a trust enterprise, and if a registration has been made, it shall be voided:1. The operations or managerial personnel do not have the qualifications or the trust-related expertise or experience specified in these Regulations.2. The operations or managerial personnel are subject to any of the circumstances of the subparagraphs of Article 2, paragraph 1.3. The operations or managerial personnel have been subject to suspension of occupational duties for a cumulative total of 2 years due to conduct given in the subparagraphs of the preceding article.When operations or managerial personnel of a trust enterprise have had their registration voided due to the circumstances of subparagraphs 2 or 3 of the preceding paragraph or any of the subparagraphs of the preceding article, the Trust Association may not accept the registration of such personnel for a period of 3 years from the date on which their registration was voided.Where operations or managerial personnel of a trust enterprise are subject to suspension of duties, or their registration is voided by the trust enterprise due to any circumstance of the subparagraphs of the preceding article, the Trust Association shall register their suspension or void their registration, and shall report such matters periodically for the competent authority’s recordation.Rules governing suspension of duties and voidance of registration by a trust enterprise under the preceding article, or the Trust Association's registration of a trust enterprise's operations and managerial personnel, registration of the suspension of their duties, or voidance of their registration, and any related appeal procedures and other matters for compliance, shall be prescribed by the Trust Association and submitted to and approved by the competent authority.