Laws and Regulations Database of the Central Bank of the Republic of China(Taiwan)

Chapter 2　　Application for and Commencement of Foreign Exchange Business

Article 6

Unless otherwise provided by these Regulations or the Bank, a banking
enterprise may engage in foreign exchange business only after it has 
applied to the Bank and has been issued a certificate of authorization
or a letter of approval.

For foreign exchange businesses that a banking enterprise may engage in after 
reporting to the Bank for record in accordance with these Regulations or other 
provisions of the Bank, such businesses shall be deemed to have been approved by 
the Bank after the banking enterprise has completed the reporting for record 
procedure according to rules.

Unless otherwise provided by these Regulations or the Bank, banking 
enterprises shall not engage in any foreign exchange business not yet 
approved by the Bank or reported to the Bank for record.

Article 7

Banks and Agricultural Bank may apply for approval to engage in all
or part of the business categories listed in Paragraph 1 of Article 
4 herein.

Chunghwa Post may apply for approval to engage in outward and inward 
remittances or purchase and sale of foreign currency cash and 
traveler's checks.

Credit cooperatives and credit departments of farmers' or fishermen's 
associations may apply for approval to engage in purchase and sale of 
foreign currency cash and traveler's checks.

Article 8
Unless otherwise provided by these Regulations or other laws and regulations, 
banks and Agricultural Bank that apply for approval to become authorized banks 
shall comply with the following provisions:
1.Maintain the ratio of regulatory capital to risk-weighted assets at a level in 
　compliance with the requirements set forth by the competent authority;
2.Deploy qualified professional foreign exchange personnel to conduct foreign 
　exchange businesses; and
3.Have not had any sanction or correction imposed by the competent authority due 
　to violation of financial regulations in the past year or during the period 
　from the date of establishment as approved by the competent authority to the 
　date of application, or have made concrete improvements recognized by the 
　competent authority if there has been any violation of financial regulations.

Article 9

A bank or Agricultural Bank intending to apply for approval to become an 
authorized bank shall submit the following documents:
1.A photocopy of business license issued and business items approved by the 
　competent authority;
2.Intended scope of foreign exchange business;
3.Names and locations of overseas correspondent banks;
4.Name of the responsible person in charge of foreign exchange business and 
　business address within the territory of the Republic of China;
5.Capital and working capital to be remitted to the territory of the Republic 
　of China, as well as sources and amounts of funds for the foreign exchange 
　business; 
6.Documents evidencing compliance with the provisions of the preceding article;
7.Business plan; and
8.Other data or documents specified by the Bank.

An authorized bank that subsequently intends to expand the scope of its foreign 
exchange business shall submit photocopies of approval documents from the 
competent authority and the curricula vitae of qualified foreign exchange 
business personnel deployed to apply to the Bank for approval and issue of a new 
certificate of authorization.

Article 10
For the branches of an authorized bank to apply for approval to engage in the 
foreign exchange business listed in Subparagraphs 1 through 6, Paragraph 1, 
Article 4 herein, the head office of the domestic bank or Agricultural Bank, or 
the Taipei branch of a foreign bank (hereinafter referred to as "foreign bank") 
shall submit documentation detailing the intended scope of business, and attach 
photocopies of the branch's business license and the curricula vitae of 
operations and auditing personnel.

Article 11

When an authorized bank engages in foreign exchange business listed
in Subparagraphs 1 through 6, Paragraph 1, Article 4 herein, its 
operations and auditing personnel shall hold foreign exchange business
licenses or meet the following qualifications:

1.An operations personnel shall have at least three-month 
　experience in the relevant foreign exchange business.

2.An auditing personnel shall have at least six-month 
　experience in the relevant foreign exchange business.

For branches of an authorized bank that have been approved to engage in only 
purchase and sale of foreign currency cash and traveler's checks, their 
operations and auditing personnel shall have at least five business days of 
working experience in related foreign exchange business. 

Article 12

An authorized bank that has been approved by the Bank to engage in foreign 
exchange derivatives business may offer the following foreign exchange 
derivatives without application:
1.Foreign exchange forward (excluding New Taiwan dollar (NTD) non-deliverable 
　forward).
2.Foreign exchange swap.
3.Combinations of foreign exchange derivatives not involving NTD exchange rate 
　that the authorized bank may engage in according to rules and that are linked 
　to the underlying asset with the same risk and combined through the same 
　transaction contract, but excluding complex high-risk products involving 
　foreign exchange that are offered to customers other than professional 
　institutional investors and high net worth corporate investors.
4.Foreign exchange derivatives transactions not involving NTD exchange rate 
　between domestic authorized banks and between a domestic authorized bank and 
　a foreign bank.
5.Domestic and foreign futures contracts not involving NTD exchange rate traded 
　by a futures trader.

An authorized bank that has been approved by the Bank to engage in foreign 
exchange derivatives business shall apply to the Bank for approval or report to 
the Bank for record based on the following criteria if it intends to offer the 
following foreign exchange derivative products:
1.Application for approval before commencing:
　(1)Foreign exchange derivatives not yet approved by the Bank or have been 
　　 approved for less than six months, and foreign exchange derivatives 
　　 linked thereof.
　(2)NTD non-deliverable foreign exchange forwards.
　(3)Foreign derivatives involving NTD exchange rate.
　(4)Discretionary foreign currency margin trading.
2.Reporting for record before commencing: The service of recommending those 
　foreign exchange derivative products by the designated branch of an authorized 
　bank under the authorization of its head office.
3.Reporting for record after commencing: 
　(1)Foreign exchange derivative products approved by the Bank for over six 
　　 months and not involving NTD exchange rate.
　(2)Foreign exchange derivative products offered to professional institutional 
　　 investors and high net worth corporate investors without involving NTD 
　　 exchange rate and not yet approved by the Bank or approved for less than 
　　 six months, which comply with the relevant rules of the competent authority.
　(3)Information and consulting services on offshore financial derivatives under 
　　 the approval of the competent authority. The underlying asset shall not 
　　 involve domestic interest rates, exchange rates, equities, indices, 
　　 commodities, credit events, fixed-income or other interests.

Where a professional institutional investor accepts trading orders, 
signs a trust agreement, discretionary services agreement, 
investment-linked insurance contract or offers privately placed fund,
and carries out transactions provided in Items 2 and 3, Subparagraph 3 
of the preceding paragraph in its name, the trustors/mandatories, 
policyholders or subscribers shall also be a professional institutional 
investor or high net worth corporate investor.

Article 13

An authorized bank shall submit the following documents when applying to the 
Bank for approval to offer products under Subparagraph 1, Paragraph 2 of the 
preceding article:
1.A statement of regulatory compliance;
2.Minutes with the resolution of the board of directors of the domestic bank or 
　Agricultural Bank to offer such products or letter of authorization from the 
　head office or the regional command center of a foreign bank;
3.Curricula vitae of operations and relevant management personnel;
4.Risk disclosure statement;
5.Product profiles;
6.Operational guidelines; and
7.Risk management related documents.

An authorized bank shall submit the following documents when reporting to the 
Bank for record to offer services under Subparagraph 2, Paragraph 2 of the 
preceding article and may commence the businesses only after receiving a letter 
of acknowledgement from the Bank:
1.A photocopy of letter of approval from the competent authority;
2.Minutes with the resolution of the board of directors of a domestic bank or 
　Agricultural Bank to offer such services or letter of authorization from the 
　head office or the regional command center of a foreign bank; and
3.Authorization guidelines set out according to relevant rules.

Within one week of carrying out the first transaction involving a product under 
Item 1 or 2, Subparagraph 3, Paragraph 2 of the preceding article, an authorized 
bank shall report to the Bank for record with the product description (must be a 
product actually transacted with the date of transaction, date of settlement, 
expiration date, notional principal amount, exercise price or other relevant 
indexes and parameters) and documents provided in Subparagraphs 1~5 of Paragraph 
1 hereof. The authorized bank may continue to offer the product only after 
receiving a letter of acknowledgement from the Bank.

When an authorized bank offer services under Item 3, Subparagraph 3, Paragraph 2 
of the preceding article, it shall summit a letter of approval from the 
competent authority and documents provided in Subparagraphs 1 ~ 3, Paragraph 1 
hereof within one week after commencing the service.

Article 14

When engaging in the foreign exchange derivatives business listed in Subparagraph 
7, Paragraph 1, Article 4 herein, the operations and management personnel of an 
authorized bank shall meet at least one of the following qualifications:
1.Having completed at least 60 hours of training on derivatives and risk 
　management held by domestic financial training institutions and received a 
　certificate therefor; the training  must cover theories and practices on 
　foreign exchange derivatives transactions, relevant laws and regulations, 
　accounting and risk management;
2.Having one year of internship in the foreign exchange derivatives business at 
　a domestic or foreign financial institution; or
3.Having at least six-month working experience in the foreign exchange 
　derivatives business at domestic or foreign financial institutions. 

Operations and management personnel handling the recommendation of foreign 
exchange derivatives shall meet at least one of the following qualifications:
1.Having one of the qualifications listed in the preceding paragraph;
2.Having passed the qualification exam for structured products salesperson held 
　by domestic financial training institutions and received a certificate therefor
　; or
3.Having passed the qualification exam for financial derivatives salesperson 
　held by domestic financial training institutions and received a certificate 
　therefor.

Operations and management personnel handling the trading, marketing, risk 
management, settlement or accounting, as well as compliance personnel, auditing 
personnel, and operations and management personnel handling the recommendation 
of foreign exchange derivatives shall attend at least 6 hours of training 
courses on derivatives. The training courses on derivatives offered by domestic 
financial training institutions regarding relevant regulations or non-compliance 
cases shall comprise no less than one half of the total hours of training 
received.

Personnel of an authorized bank handling the foreign exchange derivatives 
business shall possess professional ability, and the authorized bank shall draw 
up professional qualification requirements and a related training system.

Article 15
 

To engage in foreign currency settlement business through a domestic 
clearing institution, authorized banks shall apply to the Bank for 
approval to become a foreign currency settlement bank.

Authorized banks making an application mentioned in the preceding 
paragraph shall submit the following documents and information to 
the Bank for review within the designated period set by the Bank. 
The Bank will select and give approval to one bank to conduct the 
foreign currency settlement business after reviewing those documents:
1.A business plan to engage in foreign currency settlement business;
2.The latest audited financial report; and
3.Other information that supports the applicant's eligibility.

The designated period referred to in the preceding paragraph will 
be announced by the Bank.

A foreign currency settlement bank approved by the Bank shall be 
granted a five-year concession period to engage in the foreign 
currency settlement business, starting from the date of commencement.

Article 16
An authorized bank concurrently conducting the trust business that engages in 
the NTD or foreign currency non-discretionary money trust business investing in 
foreign-currency denominated securities shall submit the following documents to 
the Bank for approval:
1.Approval documents from the competent authority;
2.Minutes with the resolution of the board of directors to engage in the NTD or 
　foreign currency non-discretionary money trust business for a domestic bank 
　and Agricultural Bank or a letter of authorization from the head office or a 
　regional headquarters of a foreign bank;
3.A regulatory compliance statement;
4.Descriptions of the designated currency for receipts and disbursements and 
　foreign exchange settlement procedures; and
5.Other documents specified by the Bank.

Article 17  

An authorized bank concurrently conducting the trust business that engages in 
the foreign currency denominated collective investment trust account business 
or offers and issues foreign currency denominated collective trust funds inside 
the ROC shall submit the following documents to the Bank for approval before 
establishing or offering such fund for the first time:
1. Approval documents from the competent authority. Exemptions: 
　(1)Banks that establish foreign currency denominated collective investment 
　　 trust accounts which accept funds from professional investors referred to 
　　 in the Regulations Governing Offshore Structured Products (it should be 
　　 stated in the application letter) only ; or
　(2)Banks that offer and issue the foreign currency denominated collective 
　　 trust fund;
2. A management and utilization plan for the foreign currency denominated 
　 collective investment trust account established for the first time or an 
　 offering and issuance plan for the collective trust fund offered for the 
　 first time;
3. A resolution of the board of directors for a domestic bank and Agricultural 
　 Bank to engage in the foreign currency denominated collective investment 
　 trust account business or a letter of authorization from the head office or 
　 the regional headquarters of a foreign bank;
4. A regulatory compliance statement; and
5. Other documents required by the Bank.

An authorized bank that has obtained approval from the Bank to engage in the 
business mentioned in the preceding paragraph is not required to apply to the 
Bank for approval on a case-by-case basis subsequently.

Article 17-1 
An authorized bank concurrently conducting the trust business that engages in 
foreign currency trust businesses other than those under the preceding two 
articles shall submit the following documents to the Bank for approval:
1. Approval documents from the competent authority or relevant supporting 
　 documents that meet the requirements under Article 5 of the Regulations 
　 Governing the Scope of Business, Restrictions on Transfer of Beneficiary 
　 Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust 
　 Enterprises;
2. Description of operations (exempted for applications for engaging in the 
　 foreign currency money trust or foreign currency securities trust), which 
　 should include the following particulars:
　 (1) Name of business (according to the business activities and classification 
　　　 provided in Article 16 of the Trust Enterprise Act and Articles 6 ~ 8 of 
　　　 the Enforcement Rules of the Trust Enterprise Act);
　 (2) Introduction of business;
　 (3) Operation process; and
　 (4) Description of receipts and payments of funds;
3. A resolution made by the board of directors of a domestic bank or the 
　 Agricultural Bank of Taiwan to engage in the business or a letter of 
　 authorization from the head office or the regional headquarters of a foreign 
　 bank;
4. A regulatory compliance statement; and
5. Other documents required by the Bank.

Article 18
 

To set up automatic teller machines to process foreign exchange businesses, an 
authorized bank shall meet all regulations set forth by the competent authority 
regarding service items that may be provided by automatic teller machines and 
related operation security control and management regulations. It shall also 
submit the description of operations and identify the names of the offices 
controlling automatic teller machines and their locations, and report to the 
Bank for record before offering the foreign exchange services.

If there are subsequently changes in the description of operations regarding 
principles of exchange rate determination, exchange rate disclosure methods,
foreign exchange declaration methods, or reduction in services offered, the 
authorized bank shall report to the Bank for record before the change takes 
place.

If an authorized bank subsequently sets up additional automatic teller machines 
or to close automatic teller machines for foreign exchange business, the 
authorized bank is only required to inform the Bank by submitting a document 
identifying the names of the offices controlling automatic teller machines and 
the location of setup or closing within one week after the setup or closing of 
automatic teller machines.

Article 19

When engaging in foreign exchange businesses through electronic or communications 
equipment, authorized banks and Chunghwa Post shall meet all regulations set 
forth by the Financial Supervisory Commission (hereinafter referred to as the 
"FSC") regarding he scope of services that may be provided by banks and apply to 
the Bank for approval. However, if the scope of service meets the provisions of 
the Bank, authorized banks or Chunghwa Post may proceed with those businesses 
without making an application or by reporting to the Bank for record.

Authorized banks and Chunghwa Post that apply to the Bank for approval in 
accordance with the preceding paragraph shall submit the following documents:
1.The description of operations;
2.The code of remittance classification;
3.The statement signed by the head office chief compliance officer, chief auditor 
　and head of information department; and
4.Controls for preventing customers from dodging reporting obligation as required 
　by law through breaking up a single, large settlement amount into multiple 
　smaller ones (exempted if the operation does not involve the foreign exchange 
　settlement against NTD).

An authorized bank that reports to the Bank for record in accordance with 
Paragraph 1 hereof shall submit the documents provided in the preceding 
paragraph and a simulation test report on its foreign exchange operation 
process of online banking system.

Authorized banks and Chunghwa Post that engage in businesses mentioned in 
Paragraph 1 hereof shall comply with the following provisions:
1.The system shall have a function of computerized verification of the code of 
　remittance classification and a mechanism to ensure compliance with the 
　provisions governing renminbi exchange or remittance to Mainland China Area.
2.For an authorized bank that allows customers to make the declaration of 
　foreign exchange settlement against NTD through the Internet in accordance 
　with Paragraph 1, Article 10 of the Regulations Governing the Declaration of 
　Foreign Exchange Receipts and Disbursements or Transactions (hereinafter 
　referred to as Regulations for Declaration), its system shall first pass the 
　test of connection with the Bank's Foreign Exchange Data Processing System 
　before applying to the Bank for approval or reporting to the Bank for record.
3.Other provisions set forth by the Bank for proper administration of businesses 
　under Paragraph 1 hereof.

An Internet-only bank that engages in foreign exchange businesses involving 
the foreign exchange settlement against NTD through electronic or communications 
equipment with a value equal to or over an equivalent of NTD 500,000 shall allow 
declarants to make the declaration of foreign exchange settlement against NTD 
through the Internet in accordance with Paragraph 1, Article 10 of the 
Regulations for Declaration.

The provisions mentioned in Paragraph 1 hereof that allow for proceeding with 
businesses by reporting to the Bank for record or without making an application 
and the other provisions mentioned in Subparagraph 3, Paragraph 4 will be 
prescribed separately by the Bank.

Article 20
　

To engage in foreign exchange business during non-standard business 
hours, an authorized bank shall submit a description of the relevant 
operations (including the cut off time for including the relevant 
transactions in the same-day or next-day "Daily Transaction Report" 
and "Daily Foreign Exchange Position Report"; the preceding provision 
applies when there is a change to the services.

Designated branches of an authorized bank that has been approved by 
the Bank according to the preceding paragraph are not required to 
apply for separate approval on a case-by-case basis to conduct the
business, provided the branches engage in the foreign exchange business
in the preceding paragraph in accordance with the authorized bank's 
description of operations.

Article 21
Where an authorized bank has established its own domestic foreign 
exchange processing center to process relevant foreign exchange 
operations, it shall submit a description of relevant operations, 
operating procedures, and the curricula vitae of operations and 
auditing personnel to the Bank for record within one week after 
commencing its operation. In the event that an authorized bank uses 
other methods to assign a third party to process relevant foreign 
exchange operations, the bank shall apply to the Bank for approval 
by submitting the operational plans for outsourcing. If the Bank has
not objected within 15 days from the day following receipt of the 
application, the bank may proceed to process the operation straightway.

Article 22
To issue foreign exchange bank debentures, an authorized bank shall, within one 
week after issuance, submit the letter of approval (letter of acknowledgement) 
from the competent authority and relevant information (including issue date, 
issue amount, terms and conditions, region or country in which the debenture will 
be issued and the fund utilization plan) to the Bank for record. However, 
pursuant to the Regulations Governing the Offering and Issuance of Overseas 
Securities by Issuers, the procedure for applying for issuing foreign exchange 
convertible bank debentures, foreign exchange exchangeable bank debentures or 
other foreign exchange bank debentures involving equities outside the ROC should 
follow the provisions of the aforementioned regulations.

Article 23
　

Banking enterprises other than authorized banks that apply to the Bank for 
approval to engage in purchase and sale of foreign currency cash and traveler's 
checks shall proceed according to the following rules:
1.For domestic banks and their branches  or for foreign banks, their head office 
　or Taipei branch shall submit a written application together with a photocopy 
　of its business license (or a photocopy of establishment approval letter issued 
　by the competent authority) and the curricula vitae of operations and auditing 
　personnel.
2.For credit cooperatives (head office or branches), the head office shall submit 
　a written application together with a photocopy of the credit cooperative's 
　business license, the curricula vitae of the operations and auditing personnel, 
　the balance sheet and statement of comprehensive income of the preceding fiscal 
　year, and documents evidencing whether the credit cooperative has been subject 
　to any sanctions for violation of financial regulations in the past year.
3.For the credit departments of farmers' or fishermen's associations and their 
　branches, the farmers' or fishermen's association shall submit a written 
　application along with a photocopy of the approval certificate and curricula 
　vitae of operations and auditing personnel to be reviewed and approved by the 
　Council of Agriculture, Executive Yuan before the application is forwarded to 
　the Bank for approval.
4.For Chunghwa Post and its post offices, Chunghwa Post's head office shall 
　submit a written application along with a photocopy of the FSC's letter of 
　approval (for post offices established after January 1, 2003), and curricula 
　vitae of operations and auditing personnel to the Bank for approval.

The provisions of Paragraph 2 of Article 11 herein shall apply mutatis mutandis 
to the qualifications of operations and auditing personnel handling the business 
mentioned in the preceding paragraph. 

The provisions of Subparagraph 4, Paragraph 1 hereof shall apply mutatis mutandis 
to the approval process for outward and inward remittance business of Chunghwa 
Post and its post offices, and the provisions of Paragraph 1 of Article 11 herein 
shall apply to the qualifications of their operations and auditing personnel.

Article 24
 

When a banking enterprise that has been approved to engage in foreign exchange 
business pursuant to Article 9, Article 10 or Paragraph 1 and Paragraph 3 of the 
preceding article changes its address or name, the banking enterprise shall, 
within two weeks before or after the changes take effect, submit the following 
documents to the Bank to apply for a updated certificate of authorization or 
report to the Bank for record:
1.Chunghwa Post and its post offices: A photocopy of the letter of approval from 
　the FSC or the letter of approval from its head office; In the event of 
　relocation, the curricula vitae of operations and auditing personnel.
2.Banking enterprises other than those mentioned in the preceding subparagraph: 
　Approval documents from the competent authority, a photocopy of the updated 
　business license or the approval certificate received; in the event of 
　relocation, the curricula vitae of operations and auditing personnel. 

When a banking enterprise that has been approved to engage in foreign exchange 
business is closed, or terminates part or all of its foreign exchange business, 
the banking enterprise shall, within one week after the closure or termination, 
turn in the certificate of authorization to the Bank, or apply to the Bank for a 
updated certificate, or report to the Bank for record.

Article 25

Banking enterprises other than authorized banks that plan to engage 
in the Bank-approved business of purchase and sale of foreign currency 
cash and traveler's checks during non-standard business hours are not 
required to apply to the Bank for approval. 

The provisions of Article 20 herein shall apply mutatis mutandis to 
Chunghwa Post and its post offices conducting Bank-approved outward 
and inward remittance business during non-standard business hours.

Article 26
Banking enterprises applying for foreign exchange business or reporting
the business for record will be granted a designated period for providing
the supplementary documentation or information and making corrections if 
the documentation or required information submitted were found to be 
incomplete. The Bank may reject the application or reporting if the 
supplementary documentation or information and corrections were not 
submitted during the designated period.

Article 27

The Bank may reject a banking enterprise's application for foreign exchange 
business in the event of any of the following:
1.Qualifications of the applicant do not comply with the regulations or false 
　documents are submitted;
2.The applicant has failed to assist declarants to fill out the Declaration 
　Statement of Foreign Exchange Receipts and Disbursements or Transactions 
　(hereinafter referred to as "Declaration Statement") as required;
3.A high error rate in the certificates, reports and forms prepared by the 
　applicant;
4.The applicant had violated the provisions of these Regulations or relevant 
　rules in the past year and the violation is of a serious nature; the applicant 
　was ordered to rectify the situation by the Bank, but has failed to do so 
　within the period specified by the Bank; or
5.Other facts that are sufficient to indicate that the applicant may hinder sound 
　operations of the business, or that the applicant is unable to meet financial 
　policy requirements.

When a banking enterprise reports to the Bank for record with regard to the 
foreign exchange business it engages in, if the banking enterprise submits false 
documents or the business reported does not fall under the types of business 
that allow reporting for record, the Bank will reject the reporting, and 
depending on the severity of the situation, impose a warning, demand remedial 
action, or suspend the specific foreign exchange business for a specified period 
of time, or withdraw the banking enterprise's privilege of commencing a foreign 
exchange business that requires reporting for record according to these 
Regulations by reporting the business to the Bank for record.

Article 28
 

If a banking enterprise has any of the following situations in conducting foreign 
exchange business, the Bank may, depending on the severity of the situation, 
order the banking enterprise to suspend the business for a specified period of 
time, revoke or cancel all or part of the approved businesses, or bar the banking 
enterprise from applying for new foreign exchange business or add new branches to 
conduct the foreign exchange business for a specified period of time:
1.The banking enterprise fails to commence operation within six months after 
　being issued a certificate of authorization or letter of approval. The 
　applicant may request for an extension with valid reasons. If agreed by the 
　Bank, the banking enterprise may have an extension of no more than three 
　months. An institution may apply for an extension only once;
2.The banking enterprise has violated the provisions of these Regulations and the 
　violation is of a serious nature; or was ordered to rectify the situation by 
　the Bank, but has failed to do so within the period specified by the Bank;
3.After the banking enterprise has been approved to engage in various foreign 
　exchange businesses, its original documents submitted were found to contain 
　false information or representation of a serious nature;
4.The banking enterprise suspends operations, is dissolved, or declares 
　bankruptcy; or
5.Other facts that are sufficient to indicate that the banking enterprise may 
　hinder sound operations of the business, or that the banking enterprise is 
　unable to meet financial policy requirements.

A banking enterprise whose approval is revoked or cancelled in accordance 
with the preceding paragraph shall, within seven days from receiving the 
disposition, turn in its certificate of authorization or letter of approval; 
should the banking enterprise fails to do so, the Bank will nullify the 
certificate or the approval.

A banking enterprise that is ordered by the Bank or the relevant competent 
authority to suspend or stop applying for foreign exchange business for a 
specified period of time shall not commence any foreign exchange business 
that requires reporting for record according to these Regulations by 
reporting the business with the Bank for record if the period of suspension 
has not expired or if it fails to propose proper, concrete improvement 
measures during the period of suspension, or if its proposed improvement 
measures have not been accepted by the competent authority.