| Article 22-3 |
A securities firm that is simultaneously a securities underwriter, securities dealer, and securities broker under Article 16 of the Securities and Exchange Act may, through its head office, apply to the competent authorities for a license to establish within the ROC an offshore securities branch with independent accounting to conduct offshore securities businesses.<br/>An offshore securities branch established pursuant to the preceding paragraph shall allocate working capital for its operation. The minimum amount of the working capital shall be set by the FSC.<br/>The regulations governing the requirements for the application for approval mentioned in paragraph 1 hereof, application procedure, required documentation and other matters to be complied with shall be prescribed by the FSC and the CBC. |
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