If any of the followings occurs, offshore banking branches shall report to the MOF and notify the CBC:
(1)commencement of business;
(2)material change of business policies;
(3)material losses which have incurred or are expected;
(4)material litigation; and
(5)any violation of the Act or any rules enacted by the competent authority pursuant to the Act.
The events mentioned in Item 1 and 2 of the preceding paragraph shall be reported in advance, and the events mentioned in Item 3 through 5 of the preceding paragraph shall be reported within five (5) days after their occurrences.