Article 2
The term "responsible person" as used in these Regulations means a person who shall be held responsible under Article 8 of the Company Act or under any other law.
The term "associated person" as used in these Regulations means a person performing any of the following business operations for or on behalf of a securities investment consulting enterprise (SICE):
1. Providing analysis, opinions, or recommendations about matters relating to investment or trading in securities, securities-related products, or other items approved by the Financial Supervisory Commission (FSC).
2. Engaging in securities investment analysis activities, lecturing/teaching, or publishing.
3. Conducting research and analysis, investment decision-making, or trade execution for discretionary investment related business.
4. Promoting or soliciting business of discretionary investment or securities investment consulting.
5. Engaging in the public offering, sale, or private placement of an offshore fund.
6. Conducting internal audit.
7. Carrying out legal compliance practices.
8. Acting as in-charge accountant.
9. Conducting such other business operations as may be approved.

Article 5
An associated person of a SICE conducting business activities set out in Article 2, paragraph 2, subparagraphs 1 to 5 shall possess one of the qualifications listed below, and an investment manager conducting discretionary investment business shall further meet the qualifications set out in Article 5-3:
1. Is qualified as a securities investment analyst in accordance with paragraph 1 of the preceding article.
2. Has passed an examination for associated persons of securities investment trust and consulting enterprises administered by an institution engaged by the SITCA.
3. Has passed a senior securities specialist examination held by an institution engaged by a securities dealers association or has obtained certification of passage of such an examination issued by the former competent authority for securities.
4. Has 1 year or more of work experience serving as a manager of domestic or foreign funds.
5. Has passed a professional examination on trust business held by a trust association or a professional financial training institute recognized by a trust association, and has also passed an examination, held by an institution engaged by the SITCA, on laws and regulations (legal compliance) pertaining to securities investment trust and consulting.
6. 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 3 years or more as an associated person of one or more securities or futures institutions or trust enterprises.
A SICE employee engaging in securities investment analysis in any mass media shall possess the qualifications in at least one of the subparagraphs of paragraph 1 of the preceding article.
Where a SICE employee who is already engaged in securities investment analysis in any mass media before the adoption and issuance of these Regulations does not comply with these Regulations, the employee shall achieve compliance within 3 years from the date of issuance hereof, or, failing which, the employee may not engage in securities investment analysis in any mass media.
A person who, in the position of associated person, was promoting, soliciting, or assisting in the conduct of discretionary investment business or securities investment consulting business before the issuance of these Regulations as amended, shall obtain one of the qualifications set out hereunder within 2 years following the date of amendment and issuance, failing which the person may not serve in that position, and the SITCA shall void the registration of that person.

Article 7
The general manager of a SICE may not concurrently serve as a supervisor of a department dedicated to discretionary investment business, a discretionary investment manager, or a trading decision maker for discretionary futures trading.
Where an enterprise in another line of business concurrently conducts securities investment consulting business or discretionary investment business, the supervisory and associated persons of the department dedicated to such business, established as required by law, may not handle business beyond the scope of the dedicated department, nor may their functions be performed by any department supervisor or associated person, unless the requirements of paragraphs 3 to 5 are met..
Where an enterprise in another line of business concurrently conducts discretionary investment business, the associated persons engaged in investment or trading decision-making for that business may serve concurrently as personnel engaged in investment or trading decision-making with respect to private placement of securities investment trust funds, offering of futures trust funds to persons meeting certain eligibility requirements, or discretionary futures trading.
When an enterprise in another line of business concurrently conducting discretionary investment business meets the following requirements, the associated persons engaged in investment or trading decision-making for that business may serve concurrently as personnel engaged in securities investment analysis for its concurrently conducted securities investment consulting business, and vice versa:
1. The customers of the discretionary investment business or securities investment consulting business are qualified institutional investors as specified in Article 4, paragraph 2 of the Financial Consumer Protection Act.
2. The internal control system of the enterprise has already adopted operational directions for effective prevention of conflict of interests in order to ensure fair treatment of all clients.
Personnel engaging in securities investment analysis in an enterprise in another line of business that concurrently conducts securities investment consulting business, or personnel engaging in investment or trading decision-making in an enterprise in another line of business that concurrently conducts discretionary investment business, if they meet the requirements of Article 8, paragraph 6 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises, may serve concurrently as personnel engaged in investment or trading decision-making in connection with the offering of securities investment trust funds, and vice versa.
If the SICE currently operates securities investment trust business, none of its associated persons may concurrently engage in securities investment analysis while performing a function empowered to make investment or trading decisions for the currently operated securities investment trust business, or vice versa, unless the requirements of Article 8, paragraph 6 of the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises are met.
Unless otherwise provided by a law or regulation, a director, supervisor, or managerial officer of a SICE may not invest in another SICE, or concurrently serve as a director, supervisor, or managerial officer of another SICE, or of a securities investment trust enterprise (SITE) or securities firm.

Article 20
Where an enterprise in another line of business concurrently conducts securities investment consulting business or discretionary investment business, the department supervisors and associated persons, except for the internal audit officer, of such enterprise who engage in business specified in Article 2, paragraph 2, subparagraphs 1 to 7 shall possess the qualifications set out in these Regulations.
Unless otherwise provided by another law, where an enterprise in another line of business concurrently conducts securities investment consulting business or discretionary investment business, the provisions of Article 6, and Article 8 up to the preceding article, apply mutatis mutandis to the department supervisors and associated persons of such enterprise who engage in business specified in Article 2, paragraph 2, subparagraphs 1 to 7.