Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises Article 3

The president or person holding the equivalent position at a trust company shall meet the requirements for trust-related expertise or experience under Article 14, and in addition, shall be a person of upstanding character with the ability to lead and effectively manage a trust company, while also possessing one of the following qualifications:1. Having graduated from a domestic or foreign school at the level of junior college or higher, or equivalent academic qualifications, with 9 years or more of work experience at a bank or trust company, and 3 years or more as manager or in a higher level position at the head office of a bank or trust company, or an equivalent position, with a good performance record.2. Having 5 years or more of work experience at a bank or trust company, and 3 years or more as assistant general manager at the head office of a bank or trust company, or an equivalent position, with a good performance record.3. Having other experience sufficient to prove that he or she has leadership ability, professional trust expertise or the ability to manage a trust company, and is capable of sound and effective operation of trust business.Work experience and positional duties in a real estate management institution or in real estate administrative management may serve as alternate qualifications for the general manager of an enterprise that, in accordance with the Real Estate Securitization Act, engages only in real estate investment trust ("REIT") or real estate asset trust ("REAT") business.A person under the preceding paragraph may not serve concurrently as a responsible person in any other real estate management institution except with the approval of the competent authority.Prior to appointing a person to the position of general manager or a position with comparable duties, a trust company shall first submit relevant documentation to the competent authority for approval.