The chairperson of the board of directors of a futures trust enterprise shall be of upstanding character, possess the ability to effectively lead a futures trust enterprise, and also possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises, and has 2 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 3 years or more 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, futures or finance, operational experience, and leadership ability.
The futures trust enterprise's chairperson shall, within 10 days after election, submit relevant documentary proof of qualifications to the competent authority for recognition; where the competent authority does not recognize any of that person's qualifications, the competent authority may order the futures trust enterprise to make an adjustment within a designated time limit.

A futures trust 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 futures trust enterprise shall be of upstanding character, possess the ability to effectively lead and manage a futures trust enterprise, and, unless otherwise provided by the Trust Enterprise Act or other law, also possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance the Regulations Governing Managed Futures Enterprises, and also has 3 years or more of relevant work experience at a qualified institutional investor(s), 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 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 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 futures trust enterprise business.
To hire a general manager, a futures trust 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.

An assistant general manager, deputy assistant general manager, or manager in a business operations department of a futures trust enterprise shall possess leadership ability and the ability to effectively assist in the operation of a futures trust enterprise, and also possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises, and also has work experience meeting one of the following criteria:
A. 1 year or more of relevant work experience at a qualified institutional investor(s).
B. 2 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.
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 3 years or more 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 futures, operational experience, and leadership ability.
The term "business operations department" in the preceding paragraph means a department conducting any type of business under Article 4, subparagraphs 1 to 7 and 9.
A director of a futures trust enterprise or any of its personnel referred to in paragraph 1, who serves or otherwise directly engages in a capacity set out in any subparagraph of Article 4, shall obtain or possess the qualifications set out in Article 46, 47, or 48, as the case may be.
The provisions of paragraph 1 shall apply mutatis mutandis with respect to a person serving in a position with duties equivalent to a position under paragraph 1, as determined according to any other law or to the articles of incorporation of the futures trust enterprise.

A department head or branch unit manager of a business department of a futures trust enterprise shall possess leadership ability and the ability to effectively assist in the operation of a futures trust enterprise, and also possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises, and also has work experience meeting one of the following criteria:
A. 1 year or more of relevant work experience at a qualified institutional investor(s).
B. 2 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.
2. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, subparagraphs 1 to 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. 3 years or more of relevant work experience at a qualified institutional investor(s).
B. 6 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.
3. Has 2 years or more of work experience serving as manager of any domestic or foreign funds.
4. 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 4 years or more as an associated person of a securities or futures institution(s) or trust enterprise(s).
5. Has other academic or work qualifications sufficient to demonstrate possession of professional knowledge of futures, 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 4, subparagraphs 1 to 7 and 9.

A futures trust enterprise shall for each futures trust fund appoint a dedicated fund manager, possessing one of the following qualifications, to be in charge of the use of fund assets:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises.
2. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, paragraph 1, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, and also has 3 years or more of work experience in futures trading analysis or trading decision-making at a qualified institutional investor(s).
3. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, paragraph 1, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, and also has 2 years or more of work experience serving in the capacity of securities investment trust fund manager or discretionary securities investment manager.
4. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, paragraph 1, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, and also has 1 year or more of experience serving in the capacity of making trading decisions for discretionary futures trading, with an unblemished record.
The number and size of funds that a fund manager may be in charge of and the qualification requirements for a fund manager shall be as determined by the competent authority.

An associated person who performs internal audit, legal compliance, or risk management functions at a futures trust enterprise shall possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises, and has 1 year or more of relevant work experience in the field of securities, futures, or trust at a qualified institutional investor(s).
2. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, and also has 3 years or more of relevant work experience in the field of securities, futures, or trust at a qualified institutional investor(s).
The definition of "qualified institutional investor" as referred to in Articles 42 up to paragraph 1 of this article, and the scope of work thereof, shall be as announced by the competent authority.

A futures trust enterprise, by 31 December 2022, shall allocate a sufficient number of competent risk management personnel based on its business size and business conditions.
A risk management officer or associated person who fails to meet the qualification requirements set out in Article 44, Article 45, or Article 47 or to comply with the restrictions on concurrent holding of positions set out in Article 50, paragraph 3, shall correct the failure by 31 December 2022, failing which, such a person may not serve in that position and the Association shall void the registration of that person.

With the exception of fund managers and of associated persons who sell shares of futures trust funds, any associated person of a futures trust enterprise who performs any business operations under Article 4, subparagraphs 2 to 4 and 9 shall possess one of the following qualifications:
1. Has obtained qualification as a futures trading analyst in accordance with the Regulations Governing Managed Futures Enterprises.
2. Has obtained qualification as an associated person of a futures commission merchant in accordance with the provisions of Article 5, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants.
An associated person of a futures trust enterprise who performs the business operations under Article 4 subparagraph 1 or an associated person of a fund distributor who sells shares of a futures trust fund shall possess one of the following qualifications, and be registered as such with the Association:
1. Satisfies the qualification requirement under the preceding paragraph.
2. Satisfies the qualification requirement under Article 6-1, paragraph 1 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises, and passes an examination held by the Association on futures trust laws and regulations.
3. Satisfies the qualification requirement under Article 6-1, paragraph 1 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises, and has three years or more of experience in selling shares of securities investment trust funds.
A sales person of a fund distributor who sells shares of a futures trust fund shall possess sufficient professional knowledge on the futures trust fund he or she sells, and the Association shall adopt self-regulatory rules for the sales activities.

Except as otherwise provided by law or regulation, the general manager of a futures trust enterprise and all assistant general managers, deputy assistant general managers, and managers, of its business departments, as well as its branch unit managers, department heads of business departments, and associated persons shall serve as full-time employees.
The futures trust enterprise shall register with the Association any person who will serve as a responsible person or will serve in any of the positions recited in the preceding paragraph and any personnel change in such a position; no person may conduct business operations in such a position unless registered.
The registration under the preceding paragraph may not be made with respect to a person to whom any of the following circumstances applies, and if already made, shall be voided:
1. Any circumstance set out in Article 5 of the Standards Governing the Establishment Futures Trust Enterprises.
2. Any non-compliance with the qualification requirements hereunder.
3. Violation of any provision of Article 50, paragraphs 3 to 6 hereof.
4. Failure to attend or to pass the pre-service service or in-service training required by Article 51 or 53.
The futures trust enterprise shall file any personnel change under paragraph 2, and carry out procedures for renewal or surrender of work permit, with the Association within 5 business days starting from the next day of such change, and shall remain liable for the conduct of any such person before the registration of the change.
The term "business department" in paragraph 1 means a department conducting any of the types of business under Article 4, subparagraphs 1 to 7 and 9.

The chairperson of a futures trust 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 futures trust 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 futures trust 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. For any other special cause.
The general manager of a futures trust enterprise may not concurrently serve as a branch unit manager, fund manager, securities investment trust fund manager, discretionary futures trading business trading decision maker, or discretionary securities investment manager, of the futures trust enterprise.
No internal auditor or risk management personnel of a futures trust enterprise may engage in any operation for which the person is not registered, nor may any of their functions be performed by any other associated person on a concurrent basis. Notwithstanding the foregoing, in the case of an enterprise in another line of business that concurrently operates a futures trust enterprise, its internal auditors and risk management personnel registered as such may perform functions of the same nature for the futures trust enterprise provided that they possesses the qualifications required by Article 47.
The functions of the legal compliance personnel of a futures trust enterprise may not be concurrently performed by any person carrying on any of the business activities under Article 4, subparagraphs 1 to 5, 7 and 9. Notwithstanding the foregoing, in the case of an enterprise in another line of business that concurrently operates a futures trust enterprise, its registered legal compliance personnel may concurrently serve as legal compliance personnel for the futures trust enterprise.
An associated person who performs the function of research and analysis, or fund manager, of a futures trust enterprise may not concurrently serve as an associated person whose duty is to execute trades or investment.
Except as otherwise prescribed by the competent authority, the fund manger of a futures trust fund offered to unspecified persons pursuant to Article 2, subparagraph 1 may not concurrently serve as a fund manager, securities investment trust fund manager, trading decision maker for discretionary futures trading, or discretionary securities investment manager.
A department head of a futures trust enterprise concurrently operated by a trust enterprise may not concurrently serve as a branch unit manager, fund manager, securities investment trust fund manager, discretionary futures trading business trading decision maker, or discretionary securities investment manager, of the company.
In the case of a trust enterprise that concurrently operates a futures trust enterprise, none of its fund managers may concurrently perform a function empowered to make decisions for investing or trading for any mutual trust funds or with its proprietary funds.

An associated person of a futures trust enterprise shall attend pre-service training and in-service training held by an institution designated by the competent authority.
Any person to be employed as an associated person for the first time, or to be re-employed as such after having left such employment for a full 2 years or more, shall attend pre-service training within the half-year period before starting to conduct such business operations, and any person incumbent in that position shall attend in-service training every 2 years.
In the case of a managed futures enterprise that concurrently operates a futures trust enterprise, its associated persons applying to be registered as such for the futures trust enterprise need not attend the pre-service training required by the preceding paragraph.
An associated person who has attended pre-service training with a passing score during the half-year period before obtaining the qualification as associated person under Articles 46 to 48, need not attend the pre-service training required by paragraph 2 for associated persons serving for the first time if that person has been registered as an associated person and commenced the performance of duties during the half-year period following the attainment of the qualification as associated person.
Any person having obtained the qualification as an associated person of a futures commission merchant under Article 5, paragraph 1, subparagraphs 1 to 3 of the Regulations Governing Responsible Persons and Associated Persons of Futures Commission Merchants, shall attend pre-service training for a number of hours fixed by the Association when applying to be registered as an associated person under Article 4, subparagraph 1, 2, or 4 hereof.

When an associated person of a futures trust enterprise completes pre-service or in-service training with a passing score, the training institution shall issue a course completion certificate and shall send the training score of that person to the employing futures trust enterprise, to be used for reference in performance evaluation, job promotion, or assignment of work with respect to that person. If the associated person achieves an outstanding score, the training institution shall confer an award.

When an associated person of a futures trust enterprise fails to attend in-service training, or fails to pass retraining taken within 3 months after a previous failure to pass, that person's registration as an associated person shall be voided by the Association upon receiving notice from the training institution.

A responsible person, department head, branch unit manager, or other associated person or employee of a futures trust enterprise shall fulfill the duty of care and the fiduciary duty of a good administrator, and shall act in good faith, in the conduct of business operations.
No person described in the preceding paragraph may do any act specified in Article 63, which applies mutatis mutandis under Article 88, of the Act, nor, except as otherwise provide by law or regulation, may any such person do any act prohibited by Article 26, paragraph 2, subparagraphs 1 to 10 and subparagraph 12 hereof, or act on behalf of any other person to engage in futures trading or transactions in futures-related spot instruments.
Except as otherwise provided by other laws, the persons specified in paragraph 1 shall maintain the confidentiality of customers' personal information, transaction information, and other relevant information.
In the course of conducting business operations, no person specified in paragraph 1 may do any act that the futures trust enterprise is prohibited from doing by any law or regulation governing such enterprises or by any binding contract.
An employee who is not an associated person may not do anything falling within the scope of paragraph 2, nor may such employee perform any duty of an associated person or act as a deputy of an associated person.

Except as otherwise provided by law or regulation, from the time a futures trust enterprise decides to use assets of a futures trust fund to trade in a certain corporate stock or equity derivative or security until such time as the futures trust fund no longer holds that corporate stock or equity derivative or security, no responsible person, department head, branch unit manager, or fund manager of the futures trust enterprise, or any of such person's spouse, minor child, or other person in whose name that person transacts, may trade in such corporate stock or equity derivative or security.
A responsible person, department head, branch unit manager, or fund manager of a futures trust enterprise shall report to the employing futures trust enterprise the circumstances of any trade such person or any related party thereof executes in corporate stocks or equity derivatives or securities.
The scope of the information, and the transactions and objects of investment, required to be reported pursuant to the preceding paragraph shall be as prescribed by the competent authority.
The term "related party" in paragraph 2 means any party or parties meeting any of the following circumstances:
1. In the case of a natural person: the person's spouse, blood relative within the second degree of kinship, or any enterprise of which the person or the person's spouse is a responsible person.
2. In the case of a juristic person: any juristic person having a relationship as set out in Chapter VI-I of the Company Act.

No responsible person, department head, branch unit manager, or fund manager of a futures trust enterprise, who or whose spouse serves as a director, supervisor, or managerial officer, or a shareholder holding 5% or more of the total number of issued shares, of a securities issuing company may participate in the decision making process when the futures trust enterprise uses assets of a futures trust fund to conduct trading in the securities of such issuing company or in any equity derivatives or securities of which securities of such issuing company are underlying securities.
Except as otherwise provided by law or regulation, no responsible person, department head, or branch unit manager of a futures trust enterprise, and no shareholder representative for shareholding of the futures trust enterprise in an issuing company, may serve as a director, supervisor, or managerial officer of a stock issuing company in which any of its futures trust funds holds shares.
Except as otherwise provided by law or regulation, no responsible person, department head, or branch unit manager of a futures trust enterprise may invest in another futures trust enterprise or serve as a director, supervisor, or managerial officer of another enterprise which is a futures trust enterprise, managed futures enterprise, futures advisory enterprise, or futures commission merchant.
The calculation of the shareholding of a shareholder holding 5% or more of the total number of issued shares under paragraph 1 shall include shares held by the shareholder's spouse and minor children and shares held through nominees.

If a director or supervisor of a futures trust enterprise is a juristic-person shareholder, the provisions of these Regulations related to directors and supervisors shall apply mutatis mutandis to the performance of duties by its representative or designated representative.
If a position of director or supervisor at a futures trust enterprise is held by a person in the capacity of a representative of a juristic-person shareholder, the provisions of these Regulations relating to directors and supervisors shall apply mutatis mutandis to the juristic-person shareholder.

In the event of leave of absence or suspension of performance of business operations on the part of a managerial officer or associated person of a futures trust enterprise, or of a vacancy in such an office due to any other cause, the futures trust enterprise shall appoint a person with equivalent qualification to act as a deputy filling the vacancy, and the person so appointed may not violate any provision of Article 50.
The futures trust enterprise shall prepare a special registry to record information on any deputy appointments under the preceding paragraph, specifying the reasons why and the period in which a person is acting as deputy as well as the name and duties of the deputy, to be kept on file for future reference.

If a responsible person, associated person, or other employee of a futures trust enterprise is suspected of violating any futures laws or regulations, or if there is any inquiry about such person's performance of duties, the person shall appear before the competent authority to give explanations or provide a written report within the period specified by the competent authority.

A responsible person or associated person of a futures trust enterprise, or a spouse or minor child thereof, who subscribes to a futures trust fund issued by the futures trust enterprise, shall be subject to a minimum holding period before any request for redemption of fund units may be made.
Except as otherwise provided by the competent authority or by contract, the minimum holding period referred to in the preceding paragraph is one month, counted from either of the following dates:
1. In the case of a newly offered fund, the date of establishment of the fund.
2. In the case of an existing fund, the date of the given subscription.

If a responsible person or associated person of a futures trust enterprise has done any of the following, the competent authority shall give the person an award or commendation:
1. Has achieved significant accomplishments contributing to the sound administration and development of futures trust business, or promoted integrated management in the asset management services market.
2. Has done research or writing that contributed a creative idea regarding the development of the futures market or the operation of futures trust business, and the idea has been adopted and implemented.
3. Has reported illegality in the market, which is proved to be true.
4. Has made concrete achievements through zealous service of the public interest and the exercise of team spirit.
5. Has made other achievements that merit commendation.

If a dedicated department is required to be established under acts and regulations, in the case of an enterprise in another line of business that concurrently operates a futures trust enterprise, none of the supervisory and associated persons of the duly established department dedicated to such business may conduct any business beyond the scope of business of the dedicated department, nor may their functions be performed on a concurrent basis by any person not registered as a department head or associated person of the dedicated department.
In the case of an enterprise in another line of business concurrently operating futures trust business, the provisions of Articles 42, 43, 49, and Article 50, paragraph 2 shall apply mutatis mutandis with respect to its chairperson and general manager, except in the case of a trust enterprise concurrently operating a futures trust enterprise.
In the case of an enterprise in another line of business concurrently operating a futures trust enterprise, the department heads and associated persons, except for the chief internal auditor, who engage in any of the business operations specified in Article 4, subparagraphs 1 to 5 shall possess the qualifications set out in these Regulations.
In the case of an enterprise in another line of business concurrently operating a futures trust enterprise, the provisions of Article 16, Articles 54 to 57, and Article 59 up to the preceding article, shall apply mutatis mutandis with respect to its responsible persons, except in the case of a trust enterprise concurrently operating a futures trust enterprise.
In the case of a trust enterprise concurrently operating a futures trust enterprise, the provisions of Articles 16, 54, 56, 57, and Article 59 up to the preceding article, shall apply mutatis mutandis with respect to its responsible persons.
In the case of an enterprise in another line of business concurrently operating a futures trust enterprise, the provisions of Articles 16, 49, Article 50, paragraphs 4 and 5, Articles 51 to 56, and Article 58 up to the preceding article, shall apply mutatis mutandis with respect to the department heads and associated persons who engage in any of the business operations specified in Article 4, subparagraphs 1 to 5.
The provisions of this Chapter do not apply with respect to the department heads and associated persons of a securities investment trust enterprise that concurrently operates a futures trust enterprise but that does not issue any futures trust fund; the department heads and associated persons of the enterprise that are required to be registered with the Association, and their qualification requirements, shall be governed by the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises.