Article 5
(Administration Mandate of Exchange Bureau)
The Central Bank of the Republic of China (Taiwan) (hereinafter referred to as
“the Bank”) entrusts the Bank of Taiwan Co., Ltd. (referred to as “Bank of
Taiwan” hereunder) to handle administrative affairs concerning the approval of the
Renminbi purchase business of an exchange bureau, revocation or cancellation of
such approval, and performance of operational audit when necessary.
The Bank of Taiwan shall draw up relevant rules with regard to the mandate
prescribed in the preceding paragraph and submit to the Bank for reference.
The Bank of Taiwan may revoke or cancel its approval to any exchange bureau in
Renminbi purchase business in the event of any of the following:
1.The exchange bureau has seriously violated these Regulations, administrative
rules drawn up by the Bank of Taiwan pursuant to the preceding paragraph, or
other applicable rules and regulations, or has failed to take remedial actions
within the period specified by the Bank of Taiwan;
2.The exchange bureau does not purchase any Renminbi notes in two consecutive
quarters or the amount of Renminbi notes purchased by the exchange bureau in four
consecutive quarters is less than 30,000 RMB.
3.The Bank of Taiwan finds, after granting approval to the exchange bureau for
Renminbi purchase business, that the exchange bureau’s original application
contains false representation of a serious nature.
4.The exchange bureau suspends its business, is dissolved, or declares bankruptcy.
Where the documents submitted by an exchange bureau to apply for approval to engage
in Renminbi purchase business are incomplete or the required information is
incomplete, and supplementary information or documents asked by the Bank of Taiwan
are not submitted prior to the deadline, the Bank of Taiwan may reject the
application.
If deemed necessary, the Bank may perform audits of the Renminbi purchase business
of an exchange bureau by itself or jointly with the Bank of Taiwan.