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Interpretation on Articles 12 and 13 of the Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operating and Managerial Personnel of Trust Enterprises
(17 August 2004)
Letter Ref. Jin-Kuan-Yin-(IV)-0938011450
Subject:
An interpretation of Articles 12 and 13 of the Regulations Governing Required Qualifications for Responsible Persons and Required Trust Expertise or Experience for Operating and Managerial Personnel of Trust Enterprises is given in point 2 of the Statement below. Please be advised and notify all association members.
Statement:
1. This is in response to the 10 June 2004 letter (ref. Jhong-Tuo-Ye-930240) from the Trust Association of the ROC to the Ministry of Finance suggesting a grace period for new personnel. As the duty of financial supervision has been transferred to the Financial Supervisory Commission (FSC) since 1 July of this year, this response is made in the name of the FSC.
2. Among the qualifications for supervisory and managerial personnel of a trust enterprise set forth respectively in Article 12, subparagraph 1, and Article 13, subparagraph 1, of the above-referenced Regulations are having attended within the most recent year a seminar(s) for top level managers of trust enterprises and trust business training classes conducted by the Trust Association or a financial training institution approved by the Trust Association. The term "within the most recent year" means that a person serving as supervisory or managerial personnel in a trust enterprise shall meet this qualification at the time he/she takes up this post at the trust enterprise, or, if he/she does not, he/she shall take steps to meet this qualification within three months after taking up the post. In addition, where a person serving as a supervisory personnel who meets the "trust expertise or experience" requirement in Article 12, subparagraph 1, of the Regulations and who has passed examination by the Trust Association of ROC and obtained a certificate of qualification is subsequently promoted or transferred to another position, and where the nature of the new position stills falls within the scope of supervisory personnel in Article 11, paragraph 1, subparagraph 1, as did the original position at the time the person passed examination, such person is still deemed in compliance with the "trust expertise or experience" requirement in Article 12. Likewise, where a person serving as a managerial personnel who meets the "trust expertise or experience" requirement in Article 13, subparagraph 1, of the Regulations and who has passed examination by the Trust Association of ROC and obtained a certificate of qualification is subsequently promoted or transferred to another position that stills falls within the scope of managerial personnel in Article 11, paragraph 1, subparagraph 2, as did the original position, such person is still deemed in compliance with the "trust expertise or experience" requirement in Article 13.
3. The 31 January 2001 Letter Ref. Tai-Tsai-Rong-(IV)-90015605 and 5 January 2004 Letter Ref. Tai-Tsai-Rong-(IV)-0928011818 of the Ministry of Finance are repealed effective from this day. |