Regulations Governing Cross-selling Activities Among Subsidiaries of a Financial Holding Company Article 4

When a subsidiary of a financial holding company applies for the first time to conduct cross-selling under Article 6, the financial holding company shall submit documentary proof or a declaration of compliance with the criteria specified in the preceding article, operating procedures, internal control systems, and internal audit systems to apply to the FSC for approval. For any subsequent changes to the approved matters, no further application for approval is required, except where a subsidiary or business item is added, for which an application for approval shall be submitted to the FSC. However, the original application letter along with an explanation of the reasons for the change shall be submitted to the FSC for recordation within 15 business days from the day following the change.For cross-selling application cases that have been approved by the FSC in accordance with laws and regulations prior to the promulgation and enforcement of these Regulations, the financial holding company is not required to file an additional application to the FSC for approval. Any subsequent changes to the approved matters shall still be handled in accordance with the preceding paragraph.