Where any of the following circumstances apply, a person may not serve as the responsible person or an associated person of a futures advisory enterprise; any such person already serving in such capacity shall ipso facto be dismissed:
1.Any of the circumstances in the subparagraphs of Article 30 of the Company Act.
2.Such person served as a director, supervisor, managerial officer or other equivalent position of a juristic person at the time it was adjudicated bankrupt, and less than three years have elapsed since the finalization of the bankruptcy proceedings or where reconciliation has not been fulfilled.
3.Such person has a record of having a negotiable instrument dishonored at a financial institution within the past three years.
4.Such person has been discharged from his position under Article 101, paragraph 1 of the Futures Trading Act, or Article 56 or Article 66, subparagraph 2 of the Securities and Exchange Act, Article 104 of the Securities Investment Trust and Consulting Act, or Article 44, subparagraph 1 of the Trust Enterprise Act within the past five years.
5.Such person has been sentenced to a punishment under the Futures Trading Act, the Foreign Futures Trading Act, the Company Act, the Securities and Exchange Act, the Securities Investment Trust and Consulting Act, the Banking Act, the Central Bank of China Act, the Regulations for Management of Foreign Exchange, the Insurance Act, the Credit Union Act, the Trust Enterprise Act, or the Financial Holding Company Act, and less than five years has elapsed since execution of the sentence, the expiration of probation, or the pardon of such punishment.
6.Such person has been removed or dismissed from his/her position under Article 100, paragraph 1, subparagraph 2 of the Futures Trading Act, Article 103, paragraph 1, subparagraph 2 of the Securities Investment Trust and Consulting Act, or Article 44, subparagraph 1 of the Trust Enterprise Act within the past five years.
7.Where such person is proven to have improperly been used by others to fill a post of responsible person or associated person of a futures commission merchant.
8.Where such person is proven by facts to have engaged in or been involved in other bad faith or improper activities, demonstrating his or her unsuitability to work in the futures industry.
Where the responsible person is a juristic person, the provisions of the preceding paragraph shall apply mutatis mutandis to the juristic person's representative or designated representative in the performance of their duties.
The responsible person of a futures advisory enterprise may not concurrently serve as the responsible person of any other futures advisory enterprise or managed futures enterprise.

Except where otherwise provide in these Regulations, an associated person engaged in the operations set out in the subparagraphs of Article 4 shall possess one of the following qualifications:
1.Having obtained qualification in accordance with the Regulations Governing Managed Futures Enterprises.
2.Having obtained qualification as an associated person of a futures commission merchant in accordance with Article 5, paragraph 1, subparagraph 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, while having also engaged in securities- or futures-related work at a securities or futures institution for a period of two years or more.

A managerial officer executing the business defined in Article 4 or an associated person engaging in the consulting services of Article 4, subparagraph 1 shall possess one of the following qualifications:
1. Qualification as a futures trading analyst.
2. Qualification as an associated person of a futures commission merchant in accordance with Article 5, paragraph 1, subparagraph 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, and also has work experience meeting one of the following criteria:
A. Has engaged in securities- or futures-related work at a securities or futures institution for a period of two years or more.
B. Four years or more of work experience, with a good performance record, in a professional field such as information, technology, law, e-commerce, or digital economy.
Any personnel of a futures advisory enterprise who engage in futures trading analysis over any broadcast media shall possess the qualification of subparagraph 1 of the preceding paragraph.

The term "securities institution" as used in the preceding two articles refers to securities firms, securities exchanges, OTC securities exchanges, securities industry associations, securities service enterprises, securities investment consulting enterprises, securities investment trust enterprises, and The Securities Investment Trust and Consulting Association of the R.O.C. (SITCA), as so named in the Securities and Exchange Act and the Futures Investment Trust and Consulting Act. "Futures institution" refers to futures commission merchants, futures exchanges, futures clearing houses, futures industry associations, the Futures Association, leverage transaction merchants, and futures service enterprises.

Internal auditing personnel at futures advisory enterprises may not engage in operations outside the registered scope of their positions, nor may the operations of internal auditing personnel be concurrently undertaken by any other associated person.
Operations listed under Article 4, subparagraph 1 herein may be undertaken concurrently by futures broker personnel registered for consigned futures trading and execution of futures trading operations who possess the qualifications given under Article 21 herein.
Operations listed under Article 4, subparagraph 2 may be undertaken concurrently by associated persons of futures brokers, other than those registered as internal auditors, who possess the qualifications specified in Article 20 herein.
Operations specified in Article 4, subparagraph 3 may be undertaken concurrently by personnel at a futures broker, managed futures enterprise, securities broker, or SICE who are registered as internal auditors without being subject to the restrictions of Article 20 herein.
The internal auditing personnel acting concurrently as referred to in the preceding paragraph may participate in pre-service training within three months from initially assuming their position or returning to it after a resignation of a full two years without being subject to the Article 27 mutatis mutandis application of Article 11, paragraph 2 of the Rules Governing Responsible Persons and Associated Persons of Futures Commission Merchants regarding the requirement for participation in pre-service training within the six months prior to assuming their position.

The head office of a securities firm or a SICE that concurrently operates a futures advisory enterprise shall establish an independent department exclusively responsible for advisory business, and shall appoint a director and associated persons to that department to carry out the business set forth under Article 4, subparagraphs 1 and 2. A branch office shall appoint associated persons exclusively responsible for the same.
The director and associated persons of the exclusive department referred to in the preceding paragraph shall respectively possess the qualifications set forth under Articles 21 and 20, and may not undertake operations outside the registered scope of their positions, nor may their duties be concurrently undertaken by any other associated person.

The registration of responsible persons and associated persons of futures advisory enterprises, and any changes thereto, shall be carried out through the Futures Association by the futures advisory enterprise to which they belong; responsible persons and associated persons may not engage in their appointed duties without such prior registration.
Under any of the following circumstances, the registration referred to in the preceding paragraph may not be effected, and where registration has already been effected, it shall be revoked:
1.Circumstances set out in Article 19.
2.Where the registree does not possess the qualifications set out under Articles 20 or 21.
3.The registree has violated the provisions of Article 23 or Article 24 herein.
4.The registree has failed to participate in pre-service training or on-job training pursuant to Article 23, paragraph 5 or Article 27 or to obtain a passing grade in such training.
Any change in the position of the responsible person or an associated person of a futures advisory enterprise shall be reported to the Futures Association, and return or re-issuance of identification badges carried out, within five business days of the occurrence of the change; prior to registration of any such change, the futures advisory enterprise to which the responsible person or associated person belongs shall not be immune from liability for the conduct of the person.

The responsible person and associated persons of a futures advisory enterprise shall faithfully carry out their duties in keeping with the principle of good faith and honesty.
In addition to conduct prohibited under Article 63 of the Futures Trading Act, the enterprise and the persons referred to in the preceding paragraph may not engage in the following conduct:
1.Entering into futures advisory mandate contracts by means of fraud, coercion, or other improper methods.
2.Engaging in conduct involving falsehood, concealment, fraud, or other conduct obviously inconsistent with fact or that would be sufficient to cause mistaken confidence on the part of others.
3.Using the futures trading research, opinions, recommendations, published materials, or lecture courses produced for a principal with the intent of seeking benefits for oneself, another principal, or a third party.
4.Engaging in futures trading analysis under an unregistered name or a name other than one's real name.
5.Directly or indirectly establishing a fixed place of business outside the place of business of the company or a branch office for the signing of mandate contracts with principals, provided that where otherwise provided by the competent authority, this restriction shall not apply.
6.Disclosing matters entrusted by a principal or other secrets gained in the course of business, except in accordance with an inquiry undertaken pursuant to the law.
7.Handling the production, reporting, announcement, display, or safekeeping of any account books, statistical tables, or documents required by law or regulation in contravention of regulations or making false entries.
8.Failing to provide account books, statistical tables, documents, promotional materials, advertisements, or other reference reporting materials within the specified time per order of the competent authority, or refusing or impeding an investigation of the competent authority undertaken pursuant to applicable law.
9.Taking into custody or appropriating the funds, personal seal, or passbook of a principal.
10.Borrowing funds from a principal or acting as an intermediary in such borrowing.
11.Agreeing to undertake futures trading on a fully discretionary basis.
12.Producing advertising or promotional materials in contravention of laws or regulations.
13.Using another's name or allowing another to use one's name to carry out business operations.
14.Opening a futures trading account or making futures trades on behalf of another.
15.Using persons not employed by the enterprise to carry out futures advisory related business.
16.Violating the self-regulatory rules of the Futures Association.
17.Engaging in any other conduct in violation of laws and regulations governing securities and futures management or prohibited by the regulations of the competent authority.
Persons referred to in the preceding paragraph also may not engage in any other conduct which, by law and regulation, is prohibited for securities advisory enterprises.
Personnel other than associated persons may not engage in any conduct set out in the preceding two paragraphs, nor may they carry out the duties of an associated person or act as proxy for them.
Administrative regulations governing futures trading by the responsible person, associated persons, or other personnel at a futures advisory enterprise or their spouses shall be adopted by the Futures Association and submitted to the competent authority for recordation; the same shall be true for any amendments thereto.

Articles 10 through 15 and Article 18 of the Rules Governing Responsible Persons and Associated Persons of Futures Commission Merchants shall apply mutatis mutandis to futures advisory enterprises.