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Article 23
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In filing an application with the FSC for the permit to establish branch units, a securities firm shall submit all of the following documentation:
- The application for establishment of branch units (Annex 8).
- Articles of incorporation or equivalent documentation.
- A business plan which specifies: the principles of business operation by branch units; the division of internal organization; the employment of personnel; the description of facilities; and its financial projection for the next 3 years.
- The minutes of the Board of directors.
- The system of internal control required under Article 11 (including that of the branch units).
- The documentation affirming the availability to the computer linkage as required under Article 22, paragraph 2 or 3.
- Other documents that the FSC may so require.
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