〈Suspension, revocation or cancellation of approval〉
Article 10
The Bank may suspend, revoke or cancel its approval in part or in whole the
foreign exchange business engaged by a securities enterprise, or suspend the
application of the securities enterprise for new foreign exchange business or
for adding branches to conduct foreign exchange business in the event of any of
the following:
1.The securities enterprise fails to commence operation within six months after
being issued a letter of approval. The applicant may request for an extension
with valid reasons. If agreed by the Bank, the securities enterprise may have
an one-time extension of no more than three months;
2.The securities enterprise did not engage in a foreign exchange business again
within one year after reporting to the Bank the date of commencing the
business;
3.The securities enterprise has violated the provisions of these Regulations or
other relevant laws and regulations and the violation is of a serious nature,
or was asked by the Bank to rectify the situation within the period specified
by the Bank, but has failed to do so;
4.After the securities enterprise has been approved to engage in various foreign
exchange businesses, its original application documents were found to contain
false information or misrepresentation of a serious nature;
5.The securities enterprise suspends operations, is dissolved, or declares
bankruptcy; or
6.Other facts that are sufficient to indicate that the securities enterprise
may hinder sound operations of the business, or that the securities enterprise
is unable to meet financial policy requirements.
For the securities enterprise whose approval is revoked or cancelled according
to the preceding paragraph, the Bank will announce to nullify the approval.
A securities enterprise that is ordered by the Bank or the relevant competent
authority to suspend or stop applying for 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 to the Bank
for record if the suspension period has not expired, if it fails to propose
proper and concrete improvement measures during the suspension period, or if its
proposed improvement measures have not been accepted by the competent authority.