Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions Article 51

A Reporting Financial Institution shall, within the period from June 1 to June 30 of each calendar year, report to the tax authorities the information of each Reportable Account and undocumented account in respect of a previous calendar year. If, during the calendar year, the Reporting Financial Institution maintains no aforementioned account, that fact shall be stated. The reporting period for gross proceeds described in item 2 of subparagraph 5 of paragraph 1 of the preceding article shall be announced by the Ministry of Finance.Where a Reporting Financial Institution affected by a natural disaster, incident, or force majeure fails to report within the reporting period described in the preceding paragraph, the Ministry of Finance may, based on the situation, extend the reporting period and make a public announcement of such extension.Where a Reporting Financial Institution ceases to exist due to dissolution, abolishment, merger, transfer or other reasons before the beginning of the reporting period described in the two preceding paragraphs, the report of the account information or the statement in accordance with these Regulations may be completed before the beginning of the reporting period.