Regulations Governing Responsible Persons and Associated Persons of Securities Firms ( Amended 2006 . 07 . 26)
證券商負責人與業務人員管理規則(民國95年07月26日修正)

Article 1 These Regulations are prescribed in accordance with Paragraph 2 of Article 54 and Article 70 of the Securities and Exchange Law (hereinafter " the Law").
第1條本規則依證券交易法(以下簡稱本法)第五十四條第二項及第七十條規定訂定之。

Article 2 The term "responsible person" as used in these Regulations shall be defined in accordance with Article 8 of the Company Law.
第2條本規則所稱負責人，依公司法第八條之規定。

The term "associated persons" as used in these Regulations means persons who engage in the following businesses for a securities firm:
本規則所稱業務人員，指為證券商從事下列業務之人員：

1.investment analysis of securities, internal auditing or accounting;
一、有價證券投資分析、內部稽核或主辦會計。

2.the undertaking of the underwriting and trading of securities;
二、有價證券承銷、買賣之接洽或執行。

3.the dealing, settlement, clearing of securities, or agency for stock registrar and transfer services;
三、有價證券自行買賣、結算交割或代辦股務。

4.the account opening, credit search, solicitation, receiving consignment, filing, settlement, clearing of the trading of securities or the receipt, payment, and safekeeping of cash and stocks;
四、有價證券買賣之開戶、徵信、招攬、推介、受託、申報、結算、交割或為款券收付、保管。

5.providing margin purchases or short sales for securities transactions;
五、有價證券買賣之融資融券。

6.risk management or operation of derivative financial products;
六、衍生性金融商品之風險管理或操作。

7. conducting other approved business.
七、辦理其他經核准之業務。

The responsible person and associated persons of the overseas branch of a securities firm shall abide by the local laws and regulations governing securities in the country where they carry out their operations. With the exception of Article 12, Article 13, and Article 18, paragraph 1, these Regulations shall not apply.
證券商國外分支機構之負責人及業務人員，於當地執行業務應遵守當地證券管理法令之規定。除第十二條、第十三條及第十八條第一項外，不適用本規則之規定。

Article 3 Associated persons of securities firms are classified into the following two categories in accordance with the complexity and responsibility of their duties:
第3條證券商之業務人員，依其職務之繁簡難易、責任輕重，分為下列二種：

1.Senior agent: the person who engages in the management of a department or is the responsible person of branch of a securities firm, or investment analysis or internal auditing as described in Paragraph 1 of Article 8.
一、高級業務員：擔任第八條第一項之部門主管及分支機構負責人、投資分析或內部稽核等職務者。

2.Agent: the person who engages in the underwriting, dealing or consigned trading of securities or engaged in internal auditing or accounting.
二、業務員：從事前條第二項各款有價證券承銷、自行買賣、受託買賣、內部稽核或主辦會計等職務者。

Only the person who is trained and certified by the internal auditor training program held by an institution accredited by the Financial Supervisory Commission under the Executive Yuan (hereinafter "the Commission") can engage in the internal auditing as provided in Item 2 of the preceding Paragraph.
前項第二款業務員擔任內部稽核職務者，以參加行政院金融監督管理委員會（以下簡稱本會）所認可機構舉辦之內部稽核人員訓練班受訓及格結業者為限。

Article 4 Associated persons of a securities firm shall be employed full time, provided that where otherwise provided by the Commission, the above shall not apply.
第4條證券商業務人員，應為專任，但本會另有規定者，不在此限。

The following associated persons of a securities firm shall not engage in the business beyond the scope of registration or ask other associated persons to perform on their behalf, unless otherwise prescribed in other laws or regulations:
證券商之下列業務人員不得辦理登記範圍以外之業務或由其他業務人員兼辦，但其他法令另有規定者，從其規定：

1.The person who engages in the consigned trading of securities;
一辦理受託買賣有價證券業務之人員。

2.The person who engages in the dealing of securities;
二辦理有價證券自行買賣業務之人員。

3.The person who engages in the internal auditing;
三內部稽核人員。

An agent of a securities firm shall not engage in or concurrently engage in the business that shall be engaged by a senior agent.
證券商之業務員不得執行或兼為高級業務員之業務。

Article 5 A senior agent of a securities firm shall have one of the following qualifications:
第5條證券商高級業務員應具備下列資格條件之一：

1.university graduated or above and having been an agent of a securities institution for three years or more;
一、大學系所以上畢業，擔任證券機構業務員三年以上者。

2.qualified as a securities investment analyst as prescribed in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises;
二、符合證券投資顧問事業負責人與業務人員管理規則所定證券投資分析人員資格者。

3.passed the securities firm´s senior agent test held by the Securities and Futures Institute (hereinafter "SFI") at the request of the ROC Securities Dealers Association;
三、經中華民國證券商業同業公會委託財團法人中華民國證券暨期貨市場發展基金會(以下簡稱證基會)舉辦之證券商高級業務員測驗合格者。

4.once registered as a securities firm´s senior agent in accordance with these Regulations; or obtained a certificate for securities firm´s senior agent issued by the Commission;
四、曾依本規則登記為證券商高級業務員，或已取得本會核發之證券商高級業務員測驗合格證書者。

5.currently being an agent of a securities institution, and has served one year or more as an agent before the effectiveness of the June 18, 1991 amendment to these Regulations, and further that after its effectiveness, the person shall have served as an agent, cumulatively, for five years.
五、現任證券機構業務員，於八十年六月十八日本規則修正施行前任職一年以上，且在修正施行後，繼續擔任業務員併計達五年者。

Article 6 An agent of a securities firm shall have one of the following qualifications:
第6條證券商業務員應具備下列資格條件之一：

1.qualified as a securities investment analyst as prescribed in the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Consulting Enterprises;
一、符合證券投資顧問事業負責人與業務人員管理規則所定證券投資分析人員資格者。

2.passed the securities firm´s agent test held by SFI at the request of the ROC Securities Dealers Association;
二、經中華民國證券商業同業公會委託證基會舉辦之證券商業務員測驗合格者。

3.once registered as a securities firm agent in accordance with these Regulations; or obtained a certificate for securities firm´s agent issued by the Commission;
三、曾依本規則登記為證券商業務員，或已取得本會核發之證券商業務員測驗合格證書者。

Article 7 For those who have obtained the certificate for securities firm´s associated person issued by the Commission, if there is any need to reissue a certificate, one shall file an application with SFI.
第7條已取得本會核發之證券商業務人員測驗合格證書者，因故需換發或補發時，應向證基會申請。

The preceding Paragraph shall become effective on January 1, 1999.
前項規定自八十八年一月一日施行。

Article 8 Except for securities firms concurrently operated by a financial institution, in which the managers of the internal auditing departments and financial departments may follow separate provisions set out by this Commission, the managers of departments engaged in underwriting, trading on the firm´s own accounts, consigned trading, clearing and settlement, internal auditing, stock registrar and transfer services, and financial affairs, as well as the responsible persons of branch units serving as managers of consigned trading and clearing and settlement departments, shall possess the qualifications of a senior agent.
第8條證券商之承銷、自行買賣、受託買賣、結算交割、內部稽核、股務、財務等部門之主管及分支機構負責人、擔任受託買賣與結算交割部門之主管，除由金融機構兼營者，其內部稽核主管及財務部門主管得另依本會之規定外，應具高級業務員資格條件。

With the exception of the responsible person and the managers of the finance and stock registrar and transfer departments, managers of departments engaged in underwriting, trading on their own accounts, consigned trading, clearing and settlement, and internal auditing at a foreign securities firm´s branch unit within the ROC shall possess the qualifications of a senior agent.
外國證券商在中華民國境內分支機構，除其負責人、財務及股務部門主管外，擔任承銷、自行買賣、受託買賣、結算交割及內部稽核等部門之主管，應具備高級業務員資格條件。

Article 9 The general managers of securities firms shall be of upstanding character and possess the ability to effectively lead and manage a securities firm; with the exception of general managers of securities firms concurrently operated by financial institutions, which may otherwise be subject to the provisions of other acts and regulations, general managers shall possess at least one of the following qualifications:
第9條證券商之總經理應具備良好品德與有效領導及經營證券商之能力，除由金融機構兼營者得另依其他法令之規定外，應具備下列資格之一：

1. Graduate of a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with five or more years of sales experience in securities, futures, finance, or insurance, and having held the position of assistant general manager or an equivalent position for one year or more at a securities or futures institution, or the position of manager or an equivalent position at a securities or futures institution for three years or more, with a good performance record.
一、經教育部承認之國內外專科以上學校畢業或具同等學歷，具證券、期貨、金融或保險機構從事業務工作經驗五年以上，並曾擔任證券或期貨機構副總經理或同等職務一年以上，或證券或期貨機構經理或同等職務三年以上，成績優良者。

2. Six years or more of work experience at a securities institution, and having served in the position of assistant general manager or an equivalent position at a securities or futures institution for one year or more or in the position of manager or an equivalent position at a securities or futures institution for three years or more, with a good performance record.
二、證券機構工作經驗六年以上，並曾擔任證券或期貨機構副總經理或同等職務一年以上，或證券或期貨機構經理或同等職務三年以上，成績優良者。

3. Other academic or work qualifications demonstrating possession of professional knowledge of securities and operations and management experience that would enable sound and effective management of securities firm business.
三、有其他學經歷足資證明其具備證券專業知識及經營管理經驗，可健全有效經營證券商業務者。

When hiring a general manager, a securities firm shall first submit documents verifying that the planned candidate meets the qualifications of the preceding paragraph to the stock exchange, the ROC Securities Dealers Association, or the OTC exchange for their review and approval, after which they shall be forwarded to the Commission for its review and approval, before the candidate may fill that position.
證券商聘任總經理，應事先檢具規劃人選符合前項資格之證明文件，報證券交易所、證券商業同業公會或證券櫃檯買賣中心審查並轉報本會審查合格後，始得充任。

The provisions of the preceding two paragraphs shall apply mutatis mutandis to the responsible persons of foreign securities firms´ branch units within the ROC.
前二項之規定，於外國證券商在中華民國境內分支機構負責人準用之。

Article 10 Managers of departments as set forth in Article 8, paragraph 1, and the assistant general managers, deputy assistant general managers, and managers of those departments, or who supervise those departments, and the responsible persons of securities firms´ branch units shall possess one of the following qualifications:
第10條第八條第一項所定部門之主管、督導該部門或各該部門之副總經理、協理、經理及分支機構負責人應具備下列資格之一：

1. Graduate of a local or foreign junior college recognized by the Ministry of Education, or an equivalent or higher degree, with three or more years of business work experience in securities, futures, finance, or insurance, with a good performance record.
一、經教育部承認之國內外專科以上學校畢業或同等學歷，具證券、期貨、金融或保險機構從事業務工作經驗三年以上，成績優良者。

2. Four years or more of work experience at a securities institution, with a good performance record.
二、證券機構工作經驗四年以上，成績優良者。

3. Other academic or work qualifications demonstrating possession of professional knowledge of securities and operations and management experience that would enable sound and effective management of securities firm business.
三、有其他學經歷足資證明其具備證券專業知識及經營管理經驗，可健全有效經營證券商業務者。

For a branch unit of a foreign securities firm within the ROC, managers of departments that engage in underwriting, trading on its own accounts, consigned trading, clearing and settlement, and internal auditing shall possess the qualifications set forth in the preceding paragraph.
外國證券商在中華民國境內分支機構之承銷、自行買賣、受託買賣、結算交割及內部稽核等部門之主管，應具備前項所定之資格。

The provisions of paragraph 1 shall be applied mutatis mutandis for positions that are equivalent to assistant general manager, assistant, or manager under other laws or the articles of incorporation of a securities firm.
依其他法律或證券商組織章程規定而與副總經理、協理、經理職責相當者，準用第一項之規定。

Article 11 For those who, prior to the amendment of these Regulations, were already serving as the general manager of a securities firm or as department manager or responsible person of the branch unit of a securities firm as set forth under Article 8, paragraph 1, may continue to serve in their original position or for the duration of their original term, and will not be subject to the restrictions of the two preceding articles.
第11條本規則修正前，已擔任證券商總經理、第八條第一項所定部門之主管及分支機構負責人，得於原職務或任期內續任之，不受前二條規定之限制。

Where, following the amendment of these Regulations, a person is promoted or assigned to one of the positions referred to in the preceding paragraph, they shall possess or be in conformance with the qualifications set forth in these Regulations; those who do not meet those qualifications shall be dismissed.
前項人員於本規則修正後升任或充任者，應具備或符合本規則所訂資格條件；不符者，解任之。

Article 11- 1 A responsible person of a securities firm may not serve as a responsible person of a bank, financial holding company, trust company, credit cooperative, credit department of a farmers´ (fishermen´s) association, bills finance company, futures enterprise, insurance enterprise, or another securities enterprise. However, this restriction shall not apply in the following circumstances:
第11-1條證券商之負責人不得充任銀行、金融控股公司、信託公司、信用合作社、農（漁）會信用部、票券金融公司、期貨業、保險業或其他證券業之負責人。但下列情形，不在此限：

1. Where it is for purposes of an investment relationship between the securities firm and such institutions, and there is no overlapping of the chairmen and/or officers thereof.
一、因證券商與該等機構間之投資關係，且無董事長、經理人互相兼任情事，並經本會核准者。

2. Where it is for purposes of conducting a merger or consolidation, and this Commission has granted approval, the responsible person may serve as the chairman of such a finance-related enterprise.
二、為進行合併之需要，經本會核准者，得擔任該等金融相關事業之董事長。

3. Where a securities firm is a subsidiary of a financial holding company, the responsible person of the securities firm may serve as the responsible person of such financial holding company or of another of its subsidiaries; provided, that there may not be overlapping of officers between the subsidiaries.
三、證券商為金融控股公司之子公司者，其負責人得兼任該控股公司或其他子公司之負責人。但子公司間不得有經理人互相兼任之情事。

4. Where a securities firm is a juristic-person director or supervisor of a financial holding company, its responsible person, for purposes of serving as a responsible person of that holding company, may concurrently serve as a director or supervisor of a subsidiary of that holding company.
四、證券商為金融控股公司之法人董事、監察人者，其負責人因擔任該控股公司之負責人，得兼任該控股公司子公司之董事、監察人。

Where for purposes of an investment relationship between a securities firm and a non-financial institution, and there is no overlapping of the chairmen and/or officers thereof, a responsible person of the securities firm may concurrently serve as a director or supervisor of such an investee company.
證券商因與非金融機構間之投資關係，且無董事長、經理人互相兼任之情事者，證券商之負責人得擔任該被投資公司之董事、監察人。

Any concurrent holding of positions by a responsible person of a securities firm shall be limited to the scope necessary for ensuring the effective execution of the responsible person´s duties as such and duties in the concurrently held position, and for maintaining the business operations of the securities firm; it may not involve any conflict of interest or violation of securities regulations or the internal control system, and the rights and interests of shareholders shall be protected.
證券商負責人之兼任行為應以確保本職及兼任職務之有效執行，並維持證券商業務運作之必要範圍為限，不得涉有利益衝突、違反證券相關規定或內部控制制度之情事，並應確保股東權益。

Article 11- 2 A responsible person of a securities firm, or a spouse thereof, who serves as a director, supervisor, or officer, or is a shareholder holding 5 percent or more of the total issued shares, of a public company, may not participate in any policy decision-making of the securities firm in the course of any operations relating to that public company.
第11-2條證券商之負責人或其配偶有擔任公開發行公司之董事、監察人、經理人或為持有已發行股份總數百分之五以上股份之股東者，於證券商從事與該公開發行公司有關業務時，不得參與決策之訂定。

The calculation of shares held by a person referred to in the preceding paragraph shall include shares held under the names of the person´s spouse and minor children, and those held under the names of any other persons.
前項之人持有之股份，包括其配偶、未成年子女及利用他人名義持有者。

Article 12 A securities firm shall register with the stock exchange, securities dealers association or over-the-counter stock exchange its responsible persons and associated persons before such persons may commence performing duties. No one shall perform his duties without registration.
第12條證券商負責人及業務人員於執行職務前，應由所屬證券商向證券交易所、證券商同業公會或證券櫃檯買賣中心辦理登記，非經登記不得執行業務。

A securities firm which employs any person who is ordered by the Commission to be discharged from his post according to the Law for less than three years to engage in the business not described in Paragraph 2 of Article 2 shall report to the stock exchange for registration before the employment takes effect.
證券商僱用經本會依本法規定命令解除職務未滿三年之人員，從事第二條第二項各款以外業務者，應向證券交易所申報登記後，始得為之。

The stock exchange, securities dealers association and over-the-counter stock exchange shall not approve the registration, and shall void any registration already made, in the event of any of the following:
證券交易所、證券商同業公會或證券櫃檯買賣中心，對有下列情事之一者，應不予登記；已登記者，應予撤銷：

1.any responsible person of a securities firm having any of the events specified in Article 31 of the Company Law or Article 53 of the Law;
一證券商負責人有公司法第三十條或本法第五十三條規定之情事者。

2.any associated person of a securities firm having any of the events specified in Paragraph 1 of Article 54 of the Law or not qualified as prescribed in Articles 5 and 6.
二證券商業務人員有本法第五十四條第一項規定之情事或不符合第五條及第六條所定之資格條件者。

The stock exchange, securities dealers association or over-the-counter stock exchange shall report the registration condition with regard to the registration referred to in the preceding three Paragraphs for the previous month to the Commission for recordation before the fifteenth day of each month.
證券交易所、證券商同業公會或證券櫃檯買賣中心對於前三項之登記，應於每月十五日前將上月之登記情形彙總轉報本會備查。

Article 13 In the occasion of any change of the responsible persons and associated persons, the securities firm shall report to the stock exchange, securities dealers association, or over-the-counter stock exchange to carry out registration within five days after the change, as specified below. The securities firm shall not be released from its liabilities with regard to the actions of such persons before completion of registration of the change.
第13條證券商負責人及業務人員有異動者，證券商應於異動後五日內依下列規定，向證券交易所、證券商同業公會或證券櫃檯買賣中心申報登記。所屬證券商在辦妥異動之登記前，對各該人員之行為仍不能免責。

1.To carry out amendment registration in the event of any job transfer or promotion of the responsible person or associated person of a securities firm.
一、證券商內部因負責人或業務人員職務調動、升遷等，為變更登記。

2.To carry out cancellation registration in the event of any death, resignation, layoff, discharge, severance, or retirement of the responsible person or associated person of a securities firm.
二、證券商負責人或業務人員死亡、辭職、解僱、解任、資遣、退休等情事者，為註銷登記。

3.To carry out voidance registration in the event that the responsible person or associated person is ordered to be discharged from his post by the Commission in accordance with the Law or the registration of said person has any of the events specified in Paragraph 3 of the preceding article.
三、證券商負責人或業務人員，經本會依本法命令解除其職務，或其登記有前條第三項所列各款之情事者，為撤銷登記。

In the case of registration of changes in the responsible person or associated person of the overseas branch of a securities firm, registration shall be performed within ten days after the change.
前項負責人及業務人員之異動登記，如係證券商國外分支機構，其申報登記應於異動後十日內為之。

The stock exchange, securities dealers association or over-the counter stock exchange shall report the registration condition with regard to the registration referred to in the preceding Paragraph for the previous month to the Commission for recordation before the fifteenth day of each month.
證券交易所、證券商同業公會或證券櫃檯買賣中心對前項之登記，應於每月十五日前將上月之異動情形彙總轉報本會備查。

With regard to the change of internal auditing associated person of a securities firm described in Paragraph 1, the securities firm shall file with the stock exchange, securities dealers association or over-the-counter stock exchange for approval and recordation before any change shall take effect.
第一項證券商內部稽核業務人員之異動，所屬證券商應於異動前，先申請證券交易所、證券商同業公會或證券櫃檯買賣中心核備後，始得異動之。

Article 14 In the occasion of a leave, suspension of work or other causes of absence of the responsible person or associated person of a securities firm, the securities firm shall appoint a person with the equivalent qualification to act as a deputy.
第14條證券商負責人或業務人員請假、停止執行業務或其他原因出缺者，所屬證券商應指派具有與被代理人相當資格條件之人員代理之。

With regard to the deputing matter described in the preceding Paragraph, the securities firm shall record the reason, period, name of the acting deputy and his duty in a special-purpose book for reference.
前項之代理，所屬證券商應設專簿載明代理之事由、期間、代理人及其職務，以供查考。

Article 15 Associated person of a securities firm shall participate in the pre-service and in-service training held by the Commission or by an institution appointed by the Commission.
第15條證券商之業務人員，應參加本會或本會所指定機構辦理之職前訓練與在職訓練。

The associated person of a securities firm which assumes the job for the first time, or has resumed the job after an absence of 3 years shall participate in the pre-service training within six months after the assumption of the job. Currently employed personnel shall participate in the in-service training every three years.
初任及離職滿三年再任之證券商業務人員應於到職後半年內參加職前訓練；在職人員應每三年參加在職訓練。

The Commission may set out the contents and period for the training described in the preceding Paragraph depending on actual need.
前項訓練之內容及期間，本會得視實際需要另訂之。

Article 16 The Commission or training institution shall issue a training certificate to the associated persons who participate in and pass the pre-service or in-service training and shall submit the training performance to the employing institution for reference regarding the evaluation, promotion and assignment of work. The Commission or training institution may give reward to those who are outstanding in performance.
第16條證券商之業務人員，參加職前訓練或在職訓練，成績合格者，由本會或訓練機構發給結業證書，並將訓練成績送服務機構作為考績、升遷及工作指派之參考；成績特優者，由本會或訓練機構給予獎勵。

Article 17 The Commission or training institution shall, by notice, disqualify the associated persons who fail to participate in the pre-service or in-service training or who fail in the training and are retrained twice in three years but still fail in such retrainings.
第17條證券商之業務人員，不參加職前訓練或在職訓練，或參加訓練成績不合格於三年內再行補訓二次成績仍不合格者，由本會通知取銷業務人員資格。

Article 18 The responsible person and associated person shall conduct the business in accordance with the rules of honesty and good faith.
第18條證券商負責人及業務人員執行業務應本誠實及信用原則。

Unless otherwise provided in other laws and regulations, the responsible person and associated person of a securities firm shall not engage in the following conducts:
證券商之負責人及業務人員，除其他法令另有規定外，不得有下列行為：

1.Engaging in the trading of listed or over-the-counter stocks with the information known on the job for the purpose of obtaining speculative interest;
一為獲取投機利益之目的，以職務上所知悉之消息，從事上市或上櫃有價證券買賣之交易活動。

2.Being not in response to inquiries made in accordance with the law and disclosing the confidential information regarding the items consigned by the client or regarding other secrets learned as a result of the job;
二非應依法令所為之查詢，洩漏客戶委託事項及其他職務上所獲悉之秘密。

3.Accepting the consignment of the client with discretionary authority with regard to the type, quantity, price, sale or purchase of the trading of securities;
三受理客戶對買賣有價證券之種類、數量、價格及買進或賣出之全權委託。

4.Engaging in the trading of securities with guarantee of earning profits or with promise of sharing profits;
四對客戶作贏利之保證或分享利益之證券買賣。

5.Engaging in the trading of securities under the condition of reaching an agreement with the client to jointly undertake the losses or profits of the transaction;
五約定與客戶共同承擔買賣有價證券之交易損益，而從事證券買賣。

6.Concurrently engaging in the sale or purchase of securities for his own account while accepting the consignment from clients to buy or sell the same securities as the trading counter party;
六接受客戶委託買賣有價證券時，同時以自己之計算為買入或賣出之相對行為。

7.Applying to purchase or engaging in the trading of securities in the name of the client or by using the client´s account;
七利用客戶名義或帳戶，申購、買賣有價證券。

8.Applying to purchase or engaging in the trading of securities for the client in the names of other persons or relatives;
八以他人或親屬名義供客戶申購、買賣有價證券。

9.Borrowing or lending of money or securities with the clients or engaging in the brokerage of such;
九與客戶有借貸款項、有價證券或為借貸款項、有價證券之媒介情事。

10.Having the conducts of fraud or deception or other misleading behavior when engaging in the underwriting, trading for its own account or consigned trading of securities;
一○辦理銷、自行或受託買賣有價證券時，有隱瞞、詐欺或其他足以致人誤信之行為。

11.Safekeeping securities, cash, chops or deposit book of clients or misappropriating such;
一一挪用或代客戶保管有價證券、款項、印鑑或存摺。

12.Acting for the client to trade securities without any consignment contract;
一二受理未經辦妥受託契約之客戶，買賣有價證券。

13.Engaging in the trading of securities without observing the instructions given by the client;
一三未依據客戶委託事項及條件，執行有價證券之買賣。

14.Providing the client or unspecified persons with the information indicating that the price of certain securities will rise or fall in order to solicit the trading of securities;
一四向客戶或不特定多數人提供某種有價證券將上漲或下跌之判斷，以勸誘買賣。

15.Recommending and soliciting unspecified persons to trade specific stocks except in the occasion of underwriting securities;
一五向不特定多數人推介買賣特定之股票。但因承銷有價證券所需者，不在此限。

16.Accepting settlement by the client by means of offsetting the purchase or sale of securities with the sale or purchase of securities of the same class through the same or a different account, provided that this shall not apply to settlement through offsetting loans and securities in margin trading according to law;
一六接受客戶以同一或不同帳戶為同種有價證券買進與賣出或賣出與買進相抵之交割。但依法令辦理信用交易資券相抵交割者，不在此限。

17.Accepting the opening of account, subscription, trading, or settlement from the company´s director, supervisor, or employee for others.
一七受理本公司之董事、監察人、受僱人代理他人開戶、申購、買賣或交割有價證券。

18. Accepting the opening of account from a person who is not the principal. However, this rule does not apply if the Commission regulates otherwise.
一八受理非本人開戶。但本會另有規定者，不在此限。

19.Accepting the application of purchase, trading or settlement from a person who is not the principal or not an agent with a power of attorney from the client;
一九受理非本人或未具客戶委任書之代理人申購、買賣或交割有價證券。

20.Accepting the consignment for trading under the condition of being aware that the client has used the undisclosed information of a public company which has material impact on the stock price or being aware that the client intends to manipulate the market;
二○知悉客戶有利用公開發行公司尚未公開而對其股票價格有重大影響之消息或有操縱市場行為之意圖，仍接受委託買賣。

21.Entered into an agreement for acquiring unjust profit between the persons engaging in the underwriting of securities and the issuing company or its relevant personnel;
二一辦理有價證券承銷業務之人員與發行公司或其相關人員間有獲取不當利益之約定。

22.Soliciting, acting as intermediary and promoting unapproved securities or their derivative products;
二二招攬、媒介、促銷未經核准之有價證券或其衍生性商品。

23.Other conducts which are in violation of securities laws and regulations or conducts prohibited by the rules prescribed by the Commission.
二三其他違反證券管理法令或經本會規定不得為之行為。

Persons as referred to in the preceding Paragraph shall also not engage in the conducts prohibited by the securities laws and regulations.
前項人員執行業務，對證券商管理法令規定不得為之行為，亦不得為之。

Other employees of a securities firm shall be governed mutatis mutandis by the provisions of the two preceding paragraphs.
前二項之規定於證券商其他受僱人準用之。

Article 19 The responsible person or associated persons shall, in the period set out by the Commission, report to the Commission for explanation or submit a report in writing in the event that such person is alleged to be in violation of the securities laws and regulations or that there is any inquiry with regard to the performance of duties.
第19條證券商負責人或業務人員涉嫌違反證券管理法令或就執行職務相關事項之查詢，應於本會所訂期間內，到會說明或提出書面報告資料。

Article 20 When engaging in the businesses described in Paragraph 2 of Article 2, the associated person of a securities firm shall be deemed to acting under the authorization of said securities firm.
第20條證券商之業務人員，於從事第二條第二項各款業務所為之行為，視為該證券商授權範圍內之行為。

Article 21 The Commission will give reward or commendation to the responsible person or associated persons of a securities firm in the event of any of the following:
第21條證券商負責人或業務人員，有下列情事之一者，由本會予以獎勵或表揚：

1.For those who contribute one´s intellect and efforts in order to establish the stock market mechanism and have prominent performance;
一為建立證券市場制度，貢獻心力，具有顯著績效者。

2.His/her research or work is proved to be creative to the development of the stock market and the implementation of the securities business and has been adopted;
二研究著述，對發展證券市場或執行證券業務具有創意，經採行者。

3.For those who report any illegal matter which is proved to be true;
三舉發市場不法違規事項，經查明屬實者。

4.For those who serve in the same securities firm for fifteen consecutive years or longer and are devoted to one´s job;
四在同一證券商連續服務滿十五年以上，具有敬業精神者。

5.For those who have concrete evidence showing that he is actively engaging in the public welfare affairs with a spirit of teamwork;
五熱心公益，發揮團隊精神有具體事蹟者。

6.For those who have the behavior which deserves rewarding.
六其他有足資表揚之事蹟者。

Article 22 These Regulations shall become effective on the date of promulgation.
第22條本規則自發布日施行。