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Purpose of enactment
When a single managed futures enterprise is given a joint mandate for discretionary futures trading, unless otherwise provided by law or regulation, the provisions of these Guidelines shall govern application for registration, amendments of previous registration particulars, cancellation of registration, and assignment of a joint mandate ID number.
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Qualification requirements
A person who applies in accordance with these Guidelines to the Taiwan Futures Exchange Corporation (TAIFEX) for registration shall be a person jointly designated by all the joint principals (hereinafter, the "registration applicant"). A registration applicant must be a futures brokerage merchant acting as mandatary, a managed futures enterprise acting as mandatary, or a custodian institution that has been jointly designated by the principals.
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Application documents
- Application form for registration: A registration applicant acting as representative for all the joint principals shall fill out an "Application Form for Registration of a Managed Futures Enterprises Accepting Joint Mandates for Discretionary Futures Trading," as shown in Attachment 1.
- Attachments: A registration applicant applying for registration as representative of all the joint principals shall furnish all the following documents:
- The mandate contract executed between the custodian institution and all the principals.
- The identification documents of all the principals.
- Principals who are domestic natural persons: Provide a national ID card, and at least one other photo identity document sufficient to prove identity.
- Principals who are domestic juristic persons: Provide documentation of incorporation (for companies, this means documentary proof of company registration and documentary proof of business registration; for other types of juristic persons, it means proof of incorporation).
- Principals who are overseas Chinese or foreign nationals: Provide documentary proof, issued by either the TAIFEX or the Taiwan Stock Exchange Corporation, showing that the principal has completed registration to engage domestically in securities investments or futures trading.
- The mandate contract executed between the managed futures enterprise and all the principals for discretionary futures trading.
- The letters of designation or authorization by which all the principals jointly designated the registration applicant
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Workflow
- Submission of application form for registration: The registration applicant submits an application form for registration and all required documentary attachments to the TAIFEX.
- Issuance of a joint mandate ID number certificate: After examining the application form for registration and all attached documents and confirming that they are error-free and compliant with legal requirements, the TAIFEX will assign and register a Joint Mandate ID Number, then issue a joint mandate ID number certificate to the registration applicant.
- Denial of registration: The TAIFEX will deny registration if any one of the following situations obtains with respect to a registration applicant applying for registration as representative of all the joint principals:
- The registration documents are found to contain misrepresentations.
- The submitted registration documents are not submitted in full or do not furnish all the required particulars and after the TAIFEX provides notification requiring supplementation within five days the applicant is still unable to supplement in full prior to the deadline.
- There is a violation of these Guidelines, TAIFEX market rules or guidelines, or futures trading acts or regulations.
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Amendments
After completion of registration of a joint mandate given to a managed futures enterprise for discretionary futures trading, if there is any change to the content of a registered particular, the registration applicant shall apply to carry out an amendment registration.
- Application process
- Change of name or ID number
When there is a change to the personal name, trade name, national ID number, government uniform invoice number, or alien resident ID number of any given principal, the registration applicant shall fill out an Application Form for Registration of Name Change of Principal, as shown in Attachment 2, and submit related documents to the futures brokerage merchant acting as mandatary, which shall check to ensure there are no errors and then arrange for amendment of the information provided at account opening. Once the amendment is completed, the registration applicant shall submit the related documents to the TAIFEX for recordation.
- Change of custodian institution
The new custodian institution shall fill out an Application Form for Registration of Change of Custodian Institution (or Agent), as shown in Attachment 3, and submit related documents to the futures brokerage merchant acting as mandatary, which shall check to ensure there are no errors and then arrange for change of the custodian institution (or agent). Once the change is completed, the new custodian institution shall submit the related documents to the TAIFEX for recordation.
- Changes to other particulars:
When there is a change to a particular other than any of those referred to above, the registration applicant shall fill out an Application Form for Registration, as shown in Attachment 4, and submit related documents to the futures brokerage merchant acting as mandatary, which shall check to ensure there are no errors and then arrange for amendment of the information provided at account opening. Once the amendment is completed, the registration applicant shall submit the related documents to the TAIFEX for recordation.
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Cancellation
- Application process:
When, due to termination of the mandate contract or for any other reason, application is made to cancel a managed futures enterprise's joint mandate for discretionary futures trading, the registration applicant shall fill out an Application Form for Registration of Cancellation of the Joint Mandate of a Managed Futures Enterprise for Discretionary Futures Trading, as shown in Attachment 5, and submit related documents to the futures brokerage merchant acting as mandatary, which shall check to ensure there are no errors and then arrange for cancellation of the account. Once account cancellation is completed, the registration applicant shall submit the related documents to the TAIFEX for recordation.
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These Guidelines, and any amendments hereto, shall be publicly announced and implemented after approval and/or recordation by the competent authority.
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