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Chapter Law Content

Title: Futures Trading Act CH
Category: Financial Supervisory Commission(金融監督管理委員會)
Chapter V Futures Associations
Article 89
(Futures Association)
A futures related enterprise shall not commence to operate its business unless it joins a futures association.
A futures enterprise shall temporarily join a futures association designated by the Competent Authority where there is no such association organized within its locality.
Unless otherwise provided in this Act, the Business Organization Act shall be applicable to the establishment, organization and supervision of the futures associations referred to in preceding Paragraph.
Article 90
(Federation of Futures Industry Associations)
The Federation of Futures Industry Associations shall consist of the following members;
1. futures exchange;
2. futures clearing houses;
3. provincial futures association or municipal futures association; and
4. other parties designated by the Competent Authority.
The establishment of the Federation of Futures Industry Associations shall be approved by the Competent Authority before lodging the registration application to the Ministry of the Interior.
Article 91
(Collection of Fees)
The Federation of Futures Industry Associations may collect some fees, in addition to the fees set forth by the Business Organization Act, to the extent deemed necessary to effect the function of self-regulation and to coordinate in the development of the futures market. The category and rate of such fees shall be proposed by the association and approved by the Competent Authority.
Article 92
(Election and Appointment of Directors and Supervisors)
The Federation of Futures Industry Associations shall have at least three directors and one supervisor elected among its members pursuant to its articles of association. Nonetheless at least, one fourth of its directors and supervisors shall consist of related experts among whom half shall be appointed by the Competent Authority, and the remaining shall be appointed by the directors and supervisors and approved by the Competent Authority. The rules governing such appointment shall be prescribed by the Competent Authority.
The terms of office for the directors and the supervisors shall be three years, and they may be eligible for re-election. The chairman of the board of directors, however, may be re-elected only once.
Article 93
(Prescription of the Articles of Association and Related Particulars)
The required particulars of the Articles of Association for the futures associations and the Federation of Futures Industry Associations, 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.
Article 94
(Necessary Sanctions)
A futures association may impose necessary sanctions upon its members or the representatives of the members pursuant to the Articles of Association.