Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operations and Managerial Personnel of Trust Enterprises Article 8

Trust company directors and supervisors shall have the professional trust expertise or experience specified in Article 14 and be of upstanding character; one of the following qualifications must be possessed by at least two directors when there are five directors or less, and by another one director for each additional four directors, if there are more than five directors, and by at least two managing directors, if such positions are established:1. Having 5 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 a bank or trust company, or in an equivalent position, with a good performance record.2. Having 5 years or more of work of experience in financial administration or management, and a period of service as an intermediate civil service employee at grade 8 or higher, or in an equivalent position, with a good performance record.3. Having 3 years or more of work experience in a bank or trust company, and a period of service as manager at the head office of the bank or trust company, or in an equivalent position, with a good performance record.4. Having other factual evidence proving 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.The chairperson of a trust company shall have the professional trust expertise or experience specified in Article 14, and one of the qualifications set out in the preceding paragraph. A trust company, within 10 days following the selection of a chairperson, or of a director or supervisor possessing the qualification given in subparagraph 4 of the preceding paragraph, shall report the selection and submit documentation of their qualifications to the competent authority for approval; if the competent authority does not approve the qualifications, it may order the trust company to make an adjustment within a designated time limit.If a trust company has concerns about applying the paragraph 1, subparagraph 4 provisions to a candidate for director or supervisor, it may report to the competent authority for approval prior to his or her selection.