Article 1
These Regulations are prescribed pursuant to Paragraph 2,
Article 35 of the Central Bank of the Republic of China (Taiwan) Act.

Article 2

The term "foreign exchange broker" as used in these Regulations shall mean a 
profit-seeking business permitted by the Central Bank of the Republic of China 
(Taiwan) (hereinafter referred to as the Bank) after consulting with the 
Financial Supervisory Commission (hereinafter referred to as the "FSC") and 
having a business license issued by the FSC to engage in part or all of the 
following brokerage businesses:

1.Buying and selling foreign exchange;

2.Foreign currency call loans;

3.Foreign exchange swaps; and

4.Other foreign exchange business permitted.

With the approval of the Bank, in consultation with the FSC, a foreign 
exchange broker may also conduct the New Taiwan dollar intermediary business 
related to items referred to in the preceding paragraph.

No intermediary business related to the preceding two paragraphs  shall 
be proceeded without permission.

Article 3

A foreign exchange broker may conduct intermediary business with the following 
entities:

1.Domestic and foreign banks; and

2.Other financial institutions approved by the Bank after consulting with the
　FSC.

Article 4

A foreign exchange broker shall be organized as a company limited by shares 
established within the territory of the Republic of China (hereinafter referred
to as the“domestic money broker) or a branch office established by an overseas 
money broker within the territory of the Republic of China (hereinafter referred
to as the“overseas money broker”). The minimum registered capital or operation
funds shall be not less than 100 million New Taiwan dollars.

The aforesaid minimum registered capital or working capital shall be collected
(prepared) in full prior to the commencement of business.

Article 5

For foreign exchange brokers, the investment of an investor, or its investment 
combined with that of its related parties shall conform to the following 
provisions:
1.The investor or its related party is a domestic or foreign financial 
　institution engaging in deposit and lending business: the investment of an 
　investor, or its investment combined with that of its related parties shall not 
　exceed 10 percent of the total capital of said foreign exchange broker.
2.Neither the investor nor any of its related party is a financial institution 
　defined in the preceding subparagraph: the investment of an investor, or its 
　investment combined with that of its related parties shall not exceed 20 
　percent of the total capital of said foreign exchange broker.

The scope of related party under the preceding paragraph is as follows:
1.If the investor is a natural person, his/her related parties include: 
　(1)The investor’s spouse and relatives by blood within the second degree of 
　　 kinship.
　(2)An enterprise in which the investor and natural persons referred to in the 
　　 preceding item combined holds more than one third of its outstanding voting 
　　 shares or more than one third of its capital, or an enterprise or a 
　　 foundation in which they act as its chairman, president or directors 
　　 representing a majority of directors.
2.If the investor is a juristic person, its related parties include:
　(1)The chairman and president of the investor and its parent company as well 
　　 as the spouse and relatives by blood within the second degree of kinship of 
　　 that chairman and president.
　(2)A natural person who holds directly or indirectly 25 percent or more of 
　　 shares or capital.
　(3)An enterprise in which the natural person referred to in the preceding two 
　　 items hold more than one third of its outstanding voting shares or more than 
　　 one third of its capital, or an enterprise or a foundation in which they act 
　　 as its chairman, president or directors representing a majority of directors.
　(4)The affiliated enterprises of the investor.  An affiliated enterprise shall 
　　 be defined under Articles 369-1 through 369-3, Article 369-9 and Article 
　　 369-11 of the Company Act.

The enterprise in the preceding paragraph refers to a corporation, limited 
partnership, partnership or sole proprietorship.

At the time when the amendments to these Regulations are promulgated on September 
14, 2021, if the combined investment of the investor with that of his/her/its 
related parties fails to meet the requirements under the first Paragraph, they 
are required to make adjustments to meet those requirements within six months 
after the amendments to these Regulations have taken effect.

The provisions in the preceding four paragraphs do not apply to international 
money brokerage firms that are permitted to invest by the Bank.

Article 6

For the establishment of a foreign exchange broker, an applicant shall apply to 
the Bank for permission by submitting an application form stating the following
particulars:

1.The name of the prospective foreign exchange broker;

2.Total registered capital or operation funds of the branch office within the 
　territory of the Republic of China;

3.Business plan;

4.Location of the company or the branch office of a foreign company in Taiwan;

5.The name, place of domicile or residence, curriculum vitae, and amount of 
　shares subscribed of each promoter or responsible persons of the branch office 
　of a foreign company in Taiwan, and

6.Other information required by the Bank.

If any part of the application form in the preceding paragraph is incomplete or
inconsistent with relevant provisions of these Regulations, the Bank may ask the
applicant to resubmit the correct data within a prescribed period of time, and
may reject the application if the applicant fails to do so within the time period
prescribed.

Article 6-1

The promoters, directors and supervisors of a foreign exchange broker or the 
responsible persons of a branch office of an overseas money broker shall possess 
good moral character and must not be in any of the situations listed in Article 
3 of the Regulations Governing Qualification Requirements and Concurrent Serving 
Restrictions and Matters for Compliance by the Responsible Persons of Banks.

If the promoter, director or supervisor is a juristic person, the provisions of 
the preceding paragraph shall apply mutatis mutandis to its representative or 
designated person performing its duties on its behalf.

Article 7

For the establishment of a domestic money broker, an applicant shall prepare in 
full amount of the minimum registered capital within six months after obtaining 
permission from the Bank, and apply for the certificate of company registration
from Ministry of Economic Affairs. Within three months after completing company 
registration, a domestic money broker shall submit the following documents to 
apply for a business license from the FSC:

1.Approved documents from the Bank;

2.Certificate of company registration;

3.Certificate of capital verification;

4.Articles of incorporation;

5.Shareholders’register and minutes of shareholders' meetings;

6.Directors’register and minutes of meetings of the board of directors;

7.Managing directors’register and minutes of meetings of managing directors;

8.Supervisors’register and minutes of meetings of supervisors; and

9.Other documents required by the FSC.

For the establishment of an overseas money broker, an applicant shall prepare in
full amount of the minimum operation funds within six months after obtaining 
permission from the Bank, and apply to the Ministry of Economic Affairs for 
approval to establish and register a branch office of a foreign company in Taiwan.
Within three months after completing company registration, an overseas money 
broker shall submit the following documents to apply for a business license from
the FSC:

1.Approved documents from the Bank;

2.Certificate of approval of the branch registration of a foreign company in 
　Taiwan;

3.Certificate of the verification of remittance to fund working capital used 
　within the territory of the Republic of China;

4.Other documents required by the FSC.

Before the deadlines for completing the establishment and registration of a 
company or the branch office of a foreign company in Taiwan, or the application 
of business license prescribed in the preceding two paragraphs, the applicant may
request for an extension; only one extension may be granted and the extension 
shall not exceed three months.

Article 8
A foreign exchange broker that intends to make a change in the particulars stated
in Subparagraphs 1, 2 or 4, Paragraph 1, Article 6 herein shall apply to the Bank 
for approved, register the change of a company or the branch office of a foreign 
company in Taiwan, and apply to the FSC for a new business license.

Article 9
The Bank, before approving a case, shall consult the FSC pursuant to 
Articles 6 and 8, herein and shall send a carbon copy of the permission 
to the FSC afterwards.

Article 10

A foreign exchange broker shall report to the Bank for reference and send the FSC
a carbon copy of the report in any of the following situations:

1.Commencement, suspension, resumption or termination of business;

2.Changing a director, a supervisor or the responsible person of the branch 
　office of the overseas money broker;

3.Merger or dissolution;

4.Involved in any litigation that arises from the business; and

5.Other matters stipulated by the Bank.

Article 11

A foreign exchange broker is required to set aside reserves against losses from 
incorrect execution of order on a monthly basis.

The aforesaid reserves may not be drawn on except for offsetting losses incurred
from incorrect execution of orders or with the approval of the Bank.

Article 12

Senior dealers of a foreign exchange broker shall meet at least one of the 
following requirements:

1.Having worked for more than a year as a dealer in a reputable overseas or 
　domestic foreign exchange broker;

2.Having worked for more than two years as a dealer in an overseas or domestic
　bank or having had a job relevant to the foreign exchange business for more 
　than four years; and

3.Having the approval of the Bank.

At least half of the dealers of a foreign exchange broker shall be senior dealers.
A foreign exchange broker shall inform the Bank of changes of associated dealers.

Article 13
The staff of a foreign exchange broker shall provide transaction-related 
information to customers and conduct business in accordance with the principle 
of good faith. Unless otherwise provided by law or the Bank, the staff of a 
foreign exchange broker may not disclose business data of customers.

Article 14

A foreign exchange broker shall report the daily turnover to the Bank at the end
of each business day, and file a monthly report with the Bank at the end of each
month. The Bank shall provide, on a quarterly basis, information about the 
business of foreign exchange brokers to the FSC for reference.

A foreign exchange broker shall provide, on a quarterly basis, the roster of 
its major shareholders and any changes in share ownership to the Bank.

In the preceding paragraph, a major shareholder refers to the combined 
shareholding of a shareholder and its related parties exceeding 10 percent. A 
related party is defined under Paragraph 2, Article 5 herein. 

Article 15
The Bank may examine and audit the business or books of a foreign exchange broker,
or request a foreign exchange broker to submit related reports or documents so as
to maintain the market order.

Article 16

After consultation with the FSC, the Bank may revoke or void the license of any
foreign exchange broker if any of the following violations has occurred:

1.After being approved by the Bank, the foreign exchange broker fails to complete
　the establishment and registration of a company or the branch office of a 
　foreign company in Taiwan, and apply for business license within the prescribed 
　period specified in Article 7;

2.The foreign exchange broker fails to begin business operation within six months
　after being issued a business license by the FSC;

3.The foreign exchange broker seriously violates the provisions of these 
　Regulations, or fails to improve within the period designated by the Bank;

4.After being issued a business license, the foreign exchange broker is found to
　have submitted false information that constitutes a serious violation in its 
　application; and

5.The foreign exchange broker suspends its operation, is dissolved, declares 
　bankruptcy, or undergoes reorganization; and

6.There is evidence indicating that the foreign exchange broker's business 
　operations may be unsound, or that it is unable to meet financial policy 
　requirements.

Article 17
These Regulations shall come into force on the date of promulgation.