| Article 1 |
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| Article 2 |
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| Article 2-1 |
The chairperson of a SITE shall be of upstanding character, possess the ability to effectively lead a SITE, and also possess one of the following qualifications:
1. Has obtained qualification as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and has two years or more of relevant work experience at a qualified institutional investor(s).
2. Is a graduate of a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or has an equivalent level of education, and also has three or more years of relevant work experience at a qualified institutional investor(s), having served there in the position of assistant general manager or in an equivalent position, with a good performance record.
3. There are other facts sufficient to demonstrate possession of professional knowledge of securities and finance, operational experience, and leadership ability.
A SITE's chairperson shall, within ten days after election, submit relevant documentary proof of qualifications to the Financial Supervisory Commission, Executive Yuan (FSC) for recognition; where the FSC does not recognize any of that person's qualifications, the FSC may order the SITE to make an adjustment within a designated time limit.
A person who, before the issuance of this amendment to these Regulations, was already serving in the position referred to in paragraph 1 may continue to serve in that position for the duration of the term, without being subject to the restrictions of paragraph 1. |
| Article 3 |
The general manager of a SITE shall be of upstanding character, possess leadership ability and be capable of effectively managing a SITE, and shall, unless otherwise provided by the Trust Enterprise Act or another act, possess one of the following qualifications:
1. Has obtained qualification as a securities investment analyst in accordance the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and also has three years or more of relevant work experience at a qualified institutional investor(s).
2. Is a graduate of a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or has an equivalent level of education, and also has five or more years of relevant work experience at a qualified institutional investor(s), having served there in the position of assistant general manager or in an equivalent position for one year or more, or in the position of manager or in an equivalent position for three years or more, with a good performance record.
3. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of securities and finance, operational experience, and leadership ability.
To hire a general manager, a SITE shall submit documents verifying that the person it plans to hire meets the required qualifications to the FSC for review; the person may not assume the position until found qualified.
The general manager of a SITE may not concurrently serve in the position of chairperson, branch unit manager, securities investment trust fund manager, futures trust fund manager, discretionary investment manager, or trade decision maker in the discretionary futures trading business, of the SITE. |
| Article 4 |
Assistant general managers, deputy assistant general managers, and managers in a business department of a SITE shall possess leadership ability and the ability to effectively assist in the operation of a SITE, and shall possess one of the following qualifications:
1. Is qualified as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and also has one year or more of relevant work experience at a qualified institutional investor(s).
2. Is a graduate of a domestic or foreign school at the level of junior college or higher recognized by the Ministry of Education or has an equivalent level of education, and also has three or more years of relevant work experience at a qualified institutional investor(s), with a good performance record.
3. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of securities and finance, operational experience, and leadership ability.
The term "business department" in the preceding paragraph means a department conducting any of the types of business under Article 2, paragraph 2, subparagraphs 1 to 6.
A director of a SITE or any of its personnel referred to in paragraph 1 who serves or otherwise directly engages in a capacity set out in Article 2, paragraph 2, shall obtain or possess one of the qualifications set out in Article 5, 6, or 6-1.
A person who, before the adoption and issuance of these Regulations, was already serving in a position referred to in paragraph 1 may continue to serve in the original position or for the duration of the original term, without being subject to the restrictions of paragraph 1.
A person who is promoted or assigned to one of the positions referred to in the preceding paragraph after the adoption and issuance of these Regulations, shall possess or meet the qualifications set out in these Regulations; those who do not meet those qualifications may not serve in that position, and the Securities Investment Trust and Consulting Association of R.O.C. (SITCA) shall void the registration of that person.
The provisions of paragraph 1 shall apply mutatis mutandis with respect to a person serving in a position equivalent to that under paragraph 1, as determined under other statutory provisions or under the provisions of a SITE's articles of incorporation. |
| Article 4-1 |
A department supervisor or branch unit manager of a SITE shall possess leadership ability and the ability to effectively assist in the operation of a SITE, and shall possess one of the following qualifications:
1. Is qualified as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and also has one year or more of relevant work experience at a qualified institutional investor(s).
2. Has passed an examination for associated persons of securities investment trust and consulting enterprises held by an institution engaged by the SITCA, and also has two years or more of relevant work experience at a qualified institutional investor(s).
3. Has passed a senior securities specialist examination held by an institution engaged by a securities dealers association or has obtained certification of passage of such an examination issued by the former competent authority for securities, and also has three years or more of relevant work experience at a qualified institutional investor(s).
4. Has two years or more of work experience serving as a manager of domestic or foreign funds.
5. Is a graduate of a domestic or foreign school at the level of university or higher recognized by the Ministry of Education or has an equivalent level of education, and has served for four years or more as an associated person of one or more securities or futures institutions or trust enterprises.
6. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of securities and finance, operational experience, and leadership ability.
A person who, before the issuance of this amendment to these Regulations, was already serving in a position referred to in the preceding paragraph may continue to serve in the original position or for the duration of the original term, without being subject to the restrictions of the preceding paragraph.
A person who is promoted or assigned to one of the positions referred to in paragraph 1 after the issuance of these Regulations as amended, shall possess or meet the qualifications set out in these Regulations; those who do not meet those qualifications may not serve in that position, and the SITCA shall void the registration of that person.
Where a trust enterprise concurrently conducts securities investment trust business, the supervisor of the department conducting such business may not concurrently serve as a fund manager or discretionary investment manager of that company. |
| Article 5 |
A SITE shall for each securities investment trust fund appoint a dedicated fund manager, possessing any one of the following qualifications, to take charge of the utilization of that fund:
1. Is qualified as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises.
2. Has passed a senior securities specialist examination held by an institution engaged by a securities dealers association or has obtained certification of passage of such an examination issued by the former competent authority for securities, and also has three years or more of work experience in securities investment analysis or in securities investment decision-making at a qualified institutional investor(s).
3. Has passed an examination for associated persons of securities investment trust and consulting enterprises held by an institution engaged by the SITCA, and also has two years or more of work experience in securities investment analysis or in securities investment decision-making at a qualified institutional investor(s).
4. Is an incumbent fund manager who served in that position for one or more years prior to 17 October 2001 and continued to serve as a fund manager with the same SITE for a total combined period of two years or more [thereafter].
5. Has one or more years of experience as an investment manager handling full discretionary investment business for customers with an unblemished record.
The number, fund amount, and other qualifications of the funds that a fund manager may take charge of shall be determined by the FSC. |
| Article 6 |
A person who carries on internal auditing business at a SITE shall possess one of the following qualifications:
1. Is qualified as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises.
2. Has passed an examination for associated persons of securities investment trust and consulting enterprises administered by an institution engaged by the SITCA, and has one year or more of securities, futures, or trust-related work experience at a qualified institutional investor(s).
3. Has passed a senior securities specialist examination held by an institution engaged by a securities dealers association or has obtained certification of passage of such an examination issued by the former competent authority for securities, and also has two years or more of securities, futures, or trust-related work experience at a qualified institutional investor(s).
4. Has one year or more of work experience serving as a manager of domestic or foreign funds.
5. Is a graduate of a domestic or foreign school at the level of university or higher recognized by the Ministry of Education or has an equivalent level of education, and has served for three years or more as an associated person of one or more securities or futures institutions or trust enterprises.
The definition of "qualified institutional investor" as referred to in Article 2-1 up to paragraph 1 of this article, and the scope of its work, shall be as announced by the FSC. |
| Article 6-1 |
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| Article 6-2 |
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| Article 6-3 |
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| Article 7 |
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| Article 8 |
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| Article 9 |
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| Article 10 |
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| Article 11 |
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| Article 12 |
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| Article 13 |
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| Article 14 |
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| Article 15 |
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| Article 16 |
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| Article 17 |
In the event of leave, suspension of performance of business duties, or absence due to any other cause of a manager or associated person of a SITE, the SITE shall appoint a person with equivalent qualification to act as the deputy thereof; such person may not violate any provision of Article 3, paragraph 3 or Article 8.
With respect to deputations referred to in the preceding paragraph, the SITE shall prepare a special registry to record the reasons and periods of deputations as well as the names and duties of deputies, to be kept on file for future reference. |
| Article 18 |
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| Article 19 |
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| Article 20 |
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| Article 21 |
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| Article 21-1 |
Where an other-industry enterprise concurrently conducts securities investment trust business, the supervisory and associated persons of the duly established department dedicated to such business, may not handle business beyond the scope of the dedicated department, nor may their functions be performed by any department supervisor or associated persons other than one registered as such for that dedicated department.
The provisions of Articles 2-1, 3, 7, and 9 apply mutatis mutandis with respect to the chairperson and general manager of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
Where an other-industry enterprise concurrently conducts securities investment trust business, the department supervisors and associated persons, except for the internal audit officer, of such enterprise who engage in business specified in Article 2, paragraph 2, subparagraphs 1 to 6 shall possess the qualifications set out in these Regulations.
The provisions of Articles 13 to 16, and Article 18 up to the preceding article, apply mutatis mutandis with respect to the responsible persons of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
The provisions of Articles 13 to 16, and Article 18 up to the preceding article, apply mutatis mutandis with respect to the responsible persons of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
Where an other-industry enterprise concurrently conducts securities investment trust business, the provisions of Article 7, Article 8, paragraphs 2 and 3, Articles 9 to 15, and Article 17 up to the preceding article, apply mutatis mutandis with respect to the department supervisors and associated persons of such an enterprise that engages in business specified in Article 2, paragraph 2, subparagraphs 1 to 6. |
| Article 22 |
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