Advance amendment to “Administrative Measures for Foreign Exchange Business in the Banking Industry”

In order to cooperate with the establishment of an open pure online bank, the application for the license of the pure online banking is the qualification of the designated bank, and the bank shall set up the foreign currency withdrawal machine for the bank, and accept the matters that the customer should handle the foreign exchange business through electronic or communication equipment. Amend the draft provisions of the "Measures for the Administration of Foreign Exchange Business in the Banking Industry" and handle the draft notice in accordance with the Administrative Procedure Law to solicit opinions from all parties.

A total of 7 amendments were made this time. The amendments are as follows:

1. Adding a pure online banking application for a license is a qualification for a designated bank.

2. Amend the business name of the bank setting foreign currency cash machine to be an automated service equipment, and related matters to be followed.

3. Amend the matters to be followed by the designated bank and Chunghwa Post for accepting customers' foreign exchange business through electronic or communication equipment.

4. The deletion of foreign currency clearing banks shall establish regulations for internal control and internal auditing, and ensure system security and emergency response mechanisms.

A summary of the draft amendments and a revised list of amendments will be published in the Executive Yuan Gazette and the Regulations of the Central Bank Law and Regulations Enquiry System on the Bank's website (website: https://www.law.cbc) .gov.tw/). If you provide suggestions, please indicate or contact the Bank's foreign exchange bureau within 7 days from the date of the announcement (ie January 31, 2008).

Attachment list:

General Description of the Draft Amendments to the Provisions on the Administration of Foreign Exchange Business in the Banking Industry

Banking for foreign exchange business management measures part of the draft amendments draft provisions

Source: Central Bank Of the Republic Of China (Taiwan)