Depending on actual needs, the central competent authority may conduct inspections for the Designated Institution on a regular or an irregular basis. The central competent authority may request the Designated Institution for reporting its business, information security and information protection scenarios, and provision of document related to the business operations, financial revenue and expenditure and other relevant information. The Designated Institution shall not avoid, obstruct, or refuse the above request and shall cooperate to improve the relevant deficiencies.
When the Designated Institution commits a material breach of the Regulations or has a major financial difficulties or other situation that are not suitable for the operation of the businesses designated in the Regulations, the central competent authority may revoke its designation after consulting the Ministry of Justice and the securities and exchange control authority.
In the circumstance provided in the preceding paragraph, the institution that the designation has been revoked shall, within the period specified by the central competent authority, completely transfer the documents, materials and files obtained from the operation of the business of the Regulations to the other institution designated by the central competent authority. The institution that the designation has been revoked shall not avoid, obstruct, or refuse the above request.