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Article 5
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If any of the followings occurs, offshore banking branches shall report to the MOF and notify the CBC:<br/>(1)commencement of business;<br/>(2)material change of business policies;<br/>(3)material losses which have incurred or are expected;<br/>(4)material litigation; and<br/>(5)any violation of the Act or any rules enacted by the competent authority pursuant to the Act.<br/>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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