Jkos Network Co’s (街口網絡) announcement on Monday that its chairman Kevin Hu (胡亦嘉) would serve as Paradigm Asset Management Co (國票華頓投信) chief executive officer has crossed a red line, the Financial Supervisory Commission (FSC) said yesterday.
Hu cannot have a part-time job in a securities investment trust enterprise (SITE), according to the Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust Enterprises (證券投資信託事業負責人與業務人員管理規則), Securities and Futures Bureau Deputy Director Sam Chang (張振山) told a news conference.
According to the regulations, the general manager, assistant general managers, deputy assistant general managers, managers, department supervisors and associated people employed in a SITE should serve as full-time employees, Chang said.
“We hope that SITE employees, regardless of whether they are managers or regular staff, can concentrate on their business, as they manage considerable amounts of money,” Chang added.
Although Jkos, the parent firm of Jkopay Co Ltd (街口電子支付), said that the appointment had been approved by the commission, Chang said the commission had yet to receive notification from the firm.
“The position of chief executive officer is not regulated in the Company Act (公司法), so if Hu is to work for Paradigm, he needs to state the content of his job and then we will decide if the part-time job is allowed under the SITE regulation,” Chang said.
Paradigm would have to register with the Securities Investment Trust and Consulting Association and disclose who would serve in the positions stated in the regulations, Chang said.
Jkopay communications officer Vivien Chan (詹宥虹) yesterday said that Hu’s appointment had not been approved by the commission, adding that she misspoke during an interview.
However, Kevin Hu would serve as Paradigm chief executive without drawing a salary, as he only wants to offer his ideas and strategies for the firm’s development without contravening the regulations, she said.
Paradigm would have its own chairman and general manager, but it has not notified the association or the commission about the candidates for the positions, Chan added.
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