Article 2-1
The chairperson of a SITE shall be of upstanding character, possess the ability to effectively lead a SITE, and also possess one of the following qualifications:
1. Has obtained qualification as a securities investment analyst in accordance with the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises, and has two 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 three or more years 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 and finance, operational experience, and leadership ability.
A SITE’s chairperson shall, within ten days after election, submit relevant documentary proof of qualifications to the Financial Supervisory Commission (FSC) for recognition; where the FSC does not recognize any of that person’s qualifications, the FSC may order the SITE to make an adjustment within a designated time limit.
The chairman of a SITE may not concurrently serve as the general manager. However, this restriction does not apply if any of the following circumstances exists and if approval has been obtained from the FSC:
1. The SITE will cease to exist as a result of dissolution or merger, and the chairman or general manager has resigned or has been removed from his or her duties by order of the FSC.
2. The SITE’s business permission was voided by the FSC, and the chairman or general manager has resigned or has been removed from his or her duties by order of the FSC.
3. Any other special cause.

Article 8
An internal auditor of a SITE may not engage in any business outside of the scope of his/her registered work activities. Notwithstanding the foregoing, the position of internal auditor for securities investment trust business that is concurrently conducted by an other-industry enterprise may be concurrently held by a registered internal auditor of such other-industry enterprise.
The legal compliance function of the SITE may not be concurrently performed by any person carrying on any of the business activities under Article 2, paragraph 2, subparagraphs 1 to 6.
SITE personnel may not concurrently serve as associated persons engaged in research and analysis or investment or trading decision-making while serving as associated persons engaged in trading execution, and vice-versa.
SITE personnel may not concurrently serve as associated persons engaged in investment or trading decision-making with respect to the offering of a securities investment trust fund while serving as personnel engaged in investment or trading decision-making with respect to the private offering of a securities investment trust fund or futures trust fund, or to discretionary investment or discretionary futures trading business, and vice versa. However, if the requirements of paragraph 6 are met, such personnel may concurrently serve as associated persons engaged in investment or trading decision-making with respect to discretionary investment business and vice versa.
If the SITE currently operates securities investment consulting business, none of its associated persons may concurrently engage in investment or trading decision-making for its securities investment trust fund while serving as a securities investment analyst for the concurrently operated securities investment consulting business, and vice versa. However, if the circumstance of paragraph 6 are met, an associated person engaged in investment or trading decision-making with respect to the offering of a securities investment trust fund may concurrently serve as a securities investment analyst for the concurrently operated securities investment consulting business, and vice versa.
When a SITE meets the following requirements, the associated persons engaged in investment or trading decision-making with respect to the offering of a securities investment trust fund may concurrently serve as personnel engaged in investment or trading decision-making with respect to discretionary investment or as securities investment analysts for the concurrently operated 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 scope of investments or trading for the discretionary investment account, and the scope of analysis, opinions, or recommendations for securities investment by the concurrently operated securities investment consulting business shall be limited to the major investment targets and region of the fund that it manages, and the investment strategy shall uniformly be active management strategy or passive management strategy.
3. The internal control system of the enterprise has already adopted operational principles for effective prevention of conflict of interests in order to ensure fair treatment of all clients.

Article 21-1
Where an other-industry enterprise concurrently conducts securities investment trust business, the supervisory and associated persons of the duly established department dedicated to such business, may not handle business beyond the scope of the dedicated department, nor may their functions be performed by any department supervisor or associated persons other than one registered as such for that dedicated department, unless the requirements of paragraph 6 are met.
The provisions of Articles 2-1, 3, 7, and 9 apply mutatis mutandis with respect to the chairperson and general manager of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
Where an other-industry enterprise concurrently conducts securities investment trust 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.
The provisions of Articles 13 to 16, and Article 18 up to the preceding article, apply mutatis mutandis with respect to the responsible persons of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
The provisions of Articles 13 to 16, and Article 18 up to the preceding article, apply mutatis mutandis with respect to the responsible persons of any other-industry enterprise, except for a trust enterprise, that concurrently conducts securities investment trust business.
Where an other-industry enterprise concurrently conducts securities investment trust business, the provisions of Article 7, Article 8, paragraphs 2 to 6, Articles 9 to 15, and Article 17 up to the preceding article, apply mutatis mutandis with respect to the department supervisors and associated persons of such an enterprise that engages in business specified in Article 2, paragraph 2, subparagraphs 1 to 7.