Except where these Regulations or the Competent Authority provides otherwise, an associated person that engages in business set out in any subparagraph of Article 7 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 pursuant to Article 5, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants ("Personnel Regulations").

A supervisor or employee of a managed futures enterprise that conducts internal auditing business shall possess one of the following qualifications:
1. Qualified as a futures trading analyst and has one year or more of experience engaging in securities or futures-related work at a securities or futures institution.
2. Qualified as an associated person of a futures commission merchant pursuant to Article 5, subparagraphs 1 to 3 of the Personnel Regulations and has three or more years of experience engaging in securities or futures-related work at a securities or futures institution.

A managerial officer that executes business as set out in Article 7 and an associated person that makes trading decisions for discretionary futures trading business as set out in Article 7, subparagraph 1, unless otherwise provided by the Competent Authority, shall possess one of the following qualifications:
1. Qualified as a futures trading analyst.
2. Qualified as an associated person of a futures commission merchant pursuant to Article 5, subparagraphs 1 to 3 of the Personnel Regulations and also has work experience meeting one of the following criteria:
A. Three or more years of experience engaging in securities or futures-related work at a securities or futures institution.
B. Six 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.
If a person making trading decisions referred to in the preceding paragraph makes decisions regarding investment in futures-related spot commodities, the person shall possess futures-related spot commodity investment knowledge or experience, and shall participate in pre-service and in-service futures-related spot commodity training held by an institution designated by the Competent Authority.

A managed futures enterprise shall have one general manager, who shall be responsible for the overall administration of the business operations of the entire company, and it may not have any other person in an equivalent position.
The general manager of a managed futures enterprise shall be of upstanding character and possess the ability to effectively lead and manage a managed futures enterprise, and shall, with the exception of a general manager of a managed futures enterprise concurrently operated by a futures broker, futures trust enterprise, securities investment trust enterprise, or securities investment consulting enterprise, who may otherwise be subject to the provisions of other laws and regulations, also possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst, and also has 3 years or more of work experience related to securities or futures at a securities or futures institution, with a good performance record.
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 5 years or more of work experience related to securities or futures at a securities or futures institution, having served there in the position of assistant general manager or in an equivalent position for 1 year or more, or in the position of manager or in an equivalent position for 3 years or more, with a good performance record.
3. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of futures, operational experience, and leadership ability that would enable sound and effective operation of managed futures enterprise business.
To appoint a general manager, a managed futures enterprise shall submit documents verifying that the person it plans to hire meets the required qualifications to the competent authority for review; the person may not assume the position until found qualified.

The term "having obtained qualification as a futures trading analyst" as used in these Regulations refers to those persons obtaining qualification through examinations held by the CNFA or the Securities and Futures Institute.

The "securities or futures institution" referred to in these Regulations means a futures commission merchant, futures exchange, futures clearing house, the CNFA, leverage transaction merchant, futures service enterprise, securities firm, securities exchange, the GreTai Securities Market, Taiwan Securities Association, securities services enterprise, securities investment trust enterprise (SITE), securities investment consulting enterprise (SICE), or The Securities Investment Trust and Consulting Association of the R.O.C. (SITCA) as referred to in the Act, the Securities and Exchange Act, and the Securities Investment Trust and Consulting Act.

Registration of the managed futures enterprise's responsible person and associated persons, and any changes thereto, shall be carried out through the CNFA by the managed futures enterprise to which they belong; responsible persons and associated persons may not engage in their appointed duties without such prior registration.
If any of the following circumstances exists at a managed futures enterprise, the registration referred to in the preceding paragraph may not be effected, and where registration has already been effected, it shall be voided:
1. Any of the circumstances set out in Article 5 of the Standards Governing Establishment of Managed Futures Enterprises exist.
2. The registree does not possess the qualifications set out in Articles 49 to 51 herein.
3. The registree has violated the provisions of Articles 55 or 56 herein.
4. The registree has failed to participate in pre-service training or in-service training pursuant to Articles 58 or 60 herein or to obtain a passing grade in such training.
A managed futures enterprise shall report any change in its responsible person or associated persons to the CNFA within five business days from the day after such change occurs; prior to the registration of such change, the managed futures enterprise shall remain liable for the actions of such employees.

The responsible person of a managed futures enterprise may not hold a position as a responsible person at another managed futures enterprise, futures advisory enterprise, or futures commission merchant, provided that this restriction shall not apply under the following circumstances:
1. The managed futures enterprise and such other futures enterprise(s) are controlled by the same controlling company as defined in Chapter 6-1 of the Company Act, and there is no overlapping in chairperson or managerial officer between the respective enterprises, and the Competent Authority grants approval.
2. To meet requirements for implementing a merger and with the approval of the Competent Authority, a responsible person of the managed futures enterprise may hold the position of chairperson at such other futures enterprise(s).
3. If the managed futures enterprise is a subsidiary of a financial holding company, a responsible person of the managed futures enterprise may concurrently serve as a responsible person of that holding company or of another subsidiary, provided that there may not be any overlapping in managerial officers between subsidiaries.
4. If the managed futures enterprise is a juristic-person director or juristic-person supervisor of a financial holding company, a responsible person of the managed futures enterprise, by reason of serving as a responsible person of that holding company, may concurrently serve as a director or supervisor of a subsidiary of that holding company.
The holding of any concurrent position by a responsible person of a managed futures enterprise shall be confined to such necessary scope as will ensure the effective discharge of the duties of the principal and concurrent positions and will maintain the business operations of the managed futures enterprise, and may not involve any conflict of interest or violation of the provisions relevant to managed futures enterprises or internal control systems, and shall protect shareholder rights and interests.
If a director or supervisor of a managed futures enterprise is a juristic-person shareholder, the provisions of these Regulations regarding directors and supervisors shall apply mutatis mutandis to the performance of duties by the representative or designated representative of such juristic-person shareholder.
If a director or supervisor of a managed futures enterprise serves in such capacity in the status of the representative of a juristic-person shareholder, the provisions of these Regulations regarding directors and supervisors shall apply mutatis mutandis to the juristic person shareholder.

The chairperson of a managed futures enterprise may not concurrently serve as the general manager. This restriction, however, does not apply if any of the following circumstances exists and if approval is obtained from the competent authority:
1. The managed futures enterprise will cease to exist as a result of a merger or dissolution, and its chairperson or general manager has resigned, been removed from office, or otherwise been unable to continue the performance of duties.
2. The managed futures enterprise's business permission was voided by the competent authority, and its chairperson or general manager has resigned, been removed from office, or otherwise been unable to continue the performance of duties.
3. Any other special cause.
Managerial officers and associated persons at a managed futures enterprise shall hold their positions on a dedicated full-time basis, provided that this restriction shall not apply where the Competent Authority provides otherwise.
Internal auditors of a managed futures enterprises may not conduct business outside the registered scope of their positions, nor may any other associated person concurrently hold the position of internal auditor. However, an internal auditor of another enterprise that concurrently operates a managed futures enterprise, and who possesses the qualifications specified in Article 50, may serve as an internal auditor of the managed futures enterprise on a concurrent basis.
Unless otherwise provided by the Competent Authority, a supervisor or associated person of the dedicated department conducting discretionary futures trading business at a managed futures enterprise concurrently operated by an other-industry enterprise may not conduct business outside the registered scope of their positions nor may their positions be held on a concurrent basis by a supervisor or associated person of another department. However, a supervisor of a dedicated department conducting discretionary securities trading business who possesses the qualifications in Article 51, or an associated person of that department who possesses the qualifications in Article 49, may hold the same position on a concurrent basis in the dedicated department conducting discretionary futures trading business.
The position of an associated person who makes trading decisions at a managed futures enterprise concurrently operated by an other-industry enterprise may be held on a concurrent basis by a fund manager of a futures trust fund offered to specific persons, by a fund manager of a privately placed securities investment trust fund, or by a managerial officer for discretionary securities investment.
The position of personnel who execute trades at a managed futures enterprise that is concurrently operated by a futures trust enterprise or a securities investment trust enterprise (SITE) may be concurrently held by personnel who execute trades and investments or execute buying and selling at a futures trust enterprise or securities investment trust enterprise (SITE) and possess the qualifications in Article 49.
The positions of promotion and solicitation personnel at a managed futures enterprise concurrently operated by an other-industry enterprise may be concurrently held by associated persons who possesses the qualifications in Article 49.
The position of in-charge accountant at a managed futures enterprise concurrently operated by an other-industry enterprise may be concurrently held by an in-charge accountant of the other-industry enterprise.
The general manager of an other-industry enterprise concurrently operating a managed futures enterprise may not concurrently hold a position as a supervisor of or person making trading decisions in the department dedicated to discretionary futures trading business.

If a managerial officer or associated person of a managed futures enterprise takes leave, ceases engaging in business activities, or is otherwise absent from his/her post, the managed futures enterprise to which they belong shall appoint a deputy with equivalent qualifications. The deputy may not violate the provisions of the preceding article.
With respect to the deputation referred to in the preceding paragraph, the managed futures enterprise shall prepare a special registry to record the reason and period of deputation as well as the name and duties of the deputy, to be kept on file for future reference.

The associated persons of a managed futures enterprise shall participate in the pre-service and in-service training provided by an institution designated by the Competent Authority.
A new associated person or an associated person returning to the position after two or more years since resignation shall participate in pre-service training within the six months prior to beginning to execute operations. Associated persons currently on the job shall participate in in-service training every two years.
If an associated person of a futures trust enterprise that concurrently operates a managed futures enterprise applies for registration as an associated person of the managed futures enterprise, the person need not participate in the pre-service training under the preceding paragraph.
A person who has participated in pre-service training and received a passing grade within one-half year before obtaining qualification as an associated person as specified in Articles 49 to 51, and is registered as an associated person and performs the duties of that position within one-half year after obtaining that associated person qualification, need not participate in the pre-service training for new associated persons under paragraph 2.
When a person who obtains qualification as an associated person of a futures commission merchant pursuant to Article 5, subparagraphs 1 to 3 of the Personnel Regulations applies for registration as an associated person of a managed futures enterprise in a position other than a person making trading decisions, internal auditor, or in-charge accountant, the person shall participate in pre-service training for the number of hours specified by the CNFA.
The currently serving in-charge accountant of a managed futures enterprise that has obtained its permission license prior to the issuance of these amended Regulations need not participate in the pre-service training under paragraph 1.

The associated persons of a managed futures enterprise who pass pre-service or in-service training shall receive a course completion certificate from the training institution, and the performance evaluation for the training shall be sent to the managed futures enterprise where such persons are employed as a reference for performance evaluation, promotion, and assignment of work. Those who achieve an outstanding evaluation shall be granted awards by the training institution.

In the event that an associated person of a managed futures enterprise fails to participate in or pass in-service training, he/she shall be retrained within three months. Should he/she again fail to pass, the training institution will notify the CNFA to revoke his/her qualification as an associated person.

Regulations governing trading and investment by a managed futures enterprise's responsible person, associated persons, other personnel, or their spouses, and any amendments thereto, shall be adopted by the CNFA and submitted to the Competent Authority for recordation.

A managed futures enterprise and its responsible persons and associated persons shall faithfully carry out their duties in an honest and trustworthy manner.
The enterprise and personnel referred to in the preceding paragraph may not engage in the following:
1. Divulging information on matters entrusted by the principal, or secrets gained through performance of professional duties.
2. Making guarantees of profitability to a principal.
3. Entering into an agreement to share profit or loss with the principal, provided that this restriction shall not apply where the Competent Authority has otherwise provided for collection of incentive fees by managed futures enterprises.
4. Using a principal's name or account to undertake trading or investment on behalf of oneself or others.
5. Providing one's own or other's name or account for use in trading or investment by a principal.
6. Engaging in exaggerated or biased promotion or disseminating false information.
7. Entering into mandate contracts by means of fraud, coercion, or other improper means.
8. Any acts in contravention of acts and regulations in advertising or promotion.
9. Representing a principal in executing trades or investments without having first entered into a discretionary futures trading mandate contract with the principal, or before the principal has entered into the related mandate contract with the custodian institution.
10. Representing the principal in signing a discretionary futures trading mandate contract or the related mandate contract with the custodian institution.
11. Directly or indirectly establishing a fixed place of business outside the enterprise's place of business at which to enter into discretionary futures trading mandate contracts with principals, provided that where the Competent Authority provides otherwise, this restriction shall not apply.
12. Carrying out the duties of one's position under another's name or having another carry out one's duties under one's own name.
13. Using information gained in the course of operations to carry out trades on one's own behalf or on behalf of someone other than the principal.
14. Utilizing discretionary assets to undertake trades or investments disadvantageous to the principal's rights and interests.
15. Utilizing discretionary assets to perform cross trades or investments with one's own assets or with other assets entrusted for brokerage trading, provided that for a confirmed trade taking place on the centralized securities exchange market where the resultant cross trade was unintentional, this restriction shall not apply.
16. Sub-mandating the mandate contract for discretionary futures trading in whole or in part for performance by others, or assignment of the contract to others in whole or in part.
17. When making trades or investments using discretionary trading assets, taking an already-completed brokerage trade made on a discretionary trading account and changing it to a trade on one's own or others' discretionary trading accounts, or changing a trade made on any other account to a trade on a discretionary trading account.
18. Failing to produce a written trading decision based on the analysis report; or the analysis report obviously lacks a reasonable analytical foundation or basis.
19. Misappropriating assets entrusted by the principal or keeping custody on behalf of the principal of assets entrusted by the principal or of any chop or account passbook of the principal.
20. Handling or responding unnecessarily to queries regarding matters entrusted by a principal in a manner injurious to the principal's rights and interests.
21. Where account books, statistical tables, or documents are required by act or regulation, handling the production, reporting, announcement, display, or safekeeping of such items in a manner contravening an act or regulation, or making false entries therein.
22. Failing to provide account books, statistical tables, documents, 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.
23. Borrowing funds from a principal or acting as an intermediary in such borrowing.
24. Producing falsified trading records.
25. Using a non-employee of the company to conduct related business.
26. Conducting an unnecessary trade for the principal.
27. Violating the standards for self-regulation established by the CNFA.
28. Violating other securities and futures management laws and regulations or engaging in other acts prohibited by the Competent Authority.
In conducting business, personnel referred to in paragraph 1 may not engage in any conduct prohibited by laws or regulations regarding the administration of managed futures enterprises or prohibited by the provisions of the mandate contract for discretionary futures trading.
Personnel other than associated persons are likewise prohibited from the conduct referred to in the preceding paragraph, and furthermore may neither undertake the duties of an associated person of a managed futures enterprise nor act as deputy for duties of an associated person.

Given any of the following circumstances on the part of the responsible person or an associated person of a managed futures enterprise, the Competent Authority will issue an award or a commendation:
1. Having contributed efforts and achieved notable results in establishing the fundamental order of the futures market.
2. Having published research that has been adopted as a creative contribution to developing the futures market or carrying out related operations.
3. Having informed authorities of illegal activities in the market which were thereafter confirmed.
4. Having made other contributions worthy of note.

Where there is any suspicion of a violation of a futures act or regulation by a responsible person, associated person, or other personnel at a managed futures enterprise, or in response to inquiries regarding execution of duties and related matters, such persons shall proceed to the office of the Competent Authority to explain or provide written materials within the time period prescribed by the Competent Authority.

The provisions of Article 54, Article 55, and Articles 61 to 64 shall apply mutatis mutandis with respect to directors, supervisors, and general managers of a managed futures enterprise concurrently operated by an other-industry enterprise.
The provisions of Articles 51, 54, and 55, paragraph 2 of Article 56, Article 57, and Articles 61 to 64 shall apply mutatis mutandis with respect to the dedicated department heads of a managed futures enterprise concurrently operated by an other-industry enterprise.
The provisions of Articles 49 to 51, Article 54, paragraph 2 of Article 56, Article 57, paragraphs 1, 2, 4, and 5 of Article 58, and Articles 59 to 64 shall apply mutatis mutandis with respect to associated persons that handle any business specified under Article 7 of a managed futures enterprise concurrently operated by an other-industry enterprise.