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Amended Article

Title：

Offshore Banking Act  CH

Amended Date： 2016.12.28 
Article Content Chapter Content Search Article No. Search Subordinate Legislation Amended Article Legislative History Chinese
Article 3 The following types of banks may, through their head offices, apply to the competent authorities for a license to establish an offshore banking branch within the ROC with independent accounting to conduct offshore banking businesses:
1. Foreign banks authorized by the CBC to engage in foreign exchange businesses within the ROC
2. Foreign banks authorized to have a representative office in the ROC
3. Reputable foreign banks approved by the competent authorities.
4. Domestic banks authorized by the CBC to engage in foreign exchange businesses.
The regulations governing the requirements for the application for approval mentioned in the preceding paragraph hereof, application procedure, required documentation and other matters to be complied with shall be prescribed by the FSC and the CBC.
Article 22-2 In the event of any violation of Article 21-1, by an offshore banking branch a fine of not less than NT$500,000 and not more than NT$2,500,000 shall be imposed and shall be corrected within the prescribed period of time. If it has not been corrected before the expiration of the said period, the competent authorities may impose an additional fine of two to five times the original imposed amount each time.
Article 22-3 A securities firm that is simultaneously a securities underwriter, securities dealer, and securities broker under Article 16 of the Securities and Exchange Act may, through its head office, apply to the competent authorities for a license to establish within the ROC an offshore securities branch with independent accounting to conduct offshore securities businesses.
An offshore securities branch established pursuant to the preceding paragraph shall allocate working capital for its operation. The minimum amount of the working capital shall be set by the FSC.
The regulations governing the requirements for the application for approval mentioned in paragraph 1 hereof, application procedure, required documentation and other matters to be complied with shall be prescribed by the FSC and the CBC.