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Article 12
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An offshore banking branch handling the asset allocation prescribed in Article 4, paragraph 1, subparagraph 10 of the Act may do so in a discretionary manner.<br/>Before the offshore banking branch applies to handle the business referred to in the preceding paragraph, its head office shall obtain a prior permission from the FSC for concurrent operation of discretionary investment business and a prior permission from the CBC for conducting discretionary investment business in foreign currency.
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