Regulations Governing Approval and Administration of Financial Information Service Enterprises Engaging in Inter-Financial Institution Funds Transfer and Settlement Article 22

If the Competent Authority discovers material misrepresentation of serious nature in the original application after a business license has been issued, the Competent Authority shall immediately revoke its approval.Where an interbank financial information network enterprise fails to commence business within six (6) months from the issuance of its business license, the Competent Authority shall revoke its establishment approval, and shall order surrender of the license within a specified time period. However, with legitimate reasons and approval from the Competent Authority, the deadline [for commencement of business] may be extended once for up to a maximum of six months.