Financial Holding Company Act Article 23

If a foreign financial holding company meets the following requirements and obtains the competent authority’s approval, it may be exempted from establishing a new financial holding company in the Republic of China ("R.O.C."):1.[If the foreign financial holding company] has fulfilled the requirements under Article 9, Paragraph 1, for the establishment of a financial holding company;2.[If the foreign financial holding company] has sufficient experience in operating and managing a financial holding company and has excellent credit;3.The competent financial regulatory authority in such foreign financial holding company's home country has approved such foreign financial holding company investment in the R.O.C. by possessing Subsidiaries and agreed to cooperate with the R.O.C. government in sharing the responsibility to supervise such Foreign financial holding companies' activities on a consolidated basis;4.The competent financial regulatory authority in such foreign financial holding company's home country and such foreign financial holding company's head office have the capacity to supervise the relevant subsidiaries in the R.O.C. on a consolidated basis; and5.The head office of such foreign financial holding company has appointed an agent for litigious and non-litigious matters in the R.O.C.The preceding paragraph also applies to foreign financial institutions which are "universal banks" in their home countries.