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

The Bank may revoke or cancel its approval to any banking enterprise engaging in foreign exchange business in the event of any of the following:

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 appropriate reasons. If approved, the banking enterprise may have an extension of no more than three months. An institution may apply for extension only once;

2.The banking enterprise has seriously violated the provisions of these Regulations and was rectified by the Bank, but has failed to rectify within the period specified by the Bank;

3.After being issued a certificate of authorization or letter of approval, or after being approved to engage in various foreign exchange business, the banking enterprise was found to have provided false information in its application which is deemed a serious violation; or

4.The banking enterprise suspends operations, is dissolved, or declares bankruptcy.