Article 5
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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.
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