Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises Article 5

A manager or person in an equivalent position at a trust company branch office shall meet the requirements for trust-related expertise or experience under Article 15, and in addition, shall be a person of upstanding character with the ability to lead and effectively manage the 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 3 years or more of work experience in a bank or trust company, and a period of service as junior manager or in a higher-level position at the head office of the bank or trust company, or an equivalent position, with a good performance record.2. Having 2 years or more of work experience in a bank or trust company, and a period of service as assistant manager at the head office of the 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 professional trust expertise or the ability to manage a trust company and is capable of sound and effective operation of trust business, provided that the qualifications have been reported to and approved by the competent authority in advance.Work experience and positional duties in a real estate management institution or in real estate administrative management may serve as alternate qualifications for a head-office assistant manager or branch manager of an enterprise that, in accordance with the Real Estate Securitization Act, engages only in REIT or REAT business.A person under the preceding paragraph may not serve concurrently in the position of responsible person in any other real estate management institution, except with the approval of the competent authority.