Financial Holding Company Act Article 68

The same person or same related party who falls within the circumstances described in Article 4, Subparagraph 1, of this Act prior to the date of enforcement of this Act shall report to the competent authority within six (6) months after the date of enforcement of this Act.The same person or same related party prescribed in the preceding Paragraph who does not fall within the circumstances prescribed in Article 6, Paragraph 2 of this Act shall, within one (1) year after the enforcement date of this Act, apply to the competent authority for approval to establish a financial holding company in accordance with Article 8. Those who do not obtain the competent authority’s approval shall, within five (5) years after the enforcement date of this Act, decrease their voting shares or capital in banks, insurance companies or securities firms and the number of the directors directly or indirectly elected or designated to the extent that their shareholding does not meet the provisions of Article 4, Subparagraph 1 of this Act. For good cause shown, the period of five (5) years prescribed in the preceding Paragraph may be extended twice with the competent authority’s approval. Each extension shall not exceed two (2) years.If banks hold shares with voting rights or capital stock in insurance companies or securities firms falling within the circumstances described in Article 4, Subparagraph 1, of this Act through investment in accordance with Article 74 of the Banking Act or directly or indirectly elect or designate the majority of directors of a bank, insurance company or securities firm before the promulgation of this Act, the provisions of this Act may not apply to those who apply to the competent authority for approval within six (6) months after the date of the enforcement of this Act.