A futures-related enterprise shall not commence to operate its business unless it has joined a futures association. A futures enterprise shall temporarily join a futures association designated by the Competent Authority if no such association is organized within its locality.
Unless otherwise provided in this Act, the Commercial Group Act shall be applicable to the establishment, organization, and supervision of the futures associations referred to in the preceding paragraph.

The national futures association shall consist of the following members:
1. Futures exchanges.
2. Futures clearing houses.
3. Provincial futures associations or municipal futures associations.
4. Others designated by the Competent Authority.
Permission for establishing the national futures association shall be obtained from the Competent Authority before its is registered with the Ministry of the Interior.

The national futures association may collect fees, in addition to the fees set forth by the Commercial Group Act, to the extent necessary to effect the function of self-regulation and to coordinate the development of the futures market. The categories and rates of such fees shall be proposed by the national futures association and submitted to the Competent Authority for its approval.

The national futures association shall have at least three directors and one supervisor elected by its members pursuant to its articles of association. However, at least one-fourth of its directors and supervisors shall consist of related experts, half of whom shall be appointed by the Competent Authority, and the remaining shall be selected by the directors and supervisors and approved by the Competent Authority. The regulations governing the selection thereof shall be prescribed by the Competent Authority.
The terms of office of the directors and the supervisors shall be three years, and they may serve consecutive terms upon re-election. The chairman of the board of directors, however, may be re-elected only once.

The required particulars of the articles of association for the futures associations and the national futures association, the regulations for the guidance and supervision of their business, and the supervision of their responsible persons and associated persons shall be prescribed by the Competent Authority.

A futures association may impose necessary sanctions upon its members or the representatives of the members pursuant to the articles of association.