Offshore Banking Act Article 22-11

An offshore securities branch that fails to file with the competent authority for recordation, or to provide information concerning the business or financial condition or other reports, or to report to the FSC for approval and notify the CBC, under Articles 20 or 21-1 as applied mutatis mutandis under Article 22-8, shall be imposed an administrative fine of not less than NT$240,000 and not more than NT$2,400,000.In addition to imposing an administrative fine under the preceding paragraph, the competent authorities also shall order the person to comply within a specified time period; if the person fails to comply within the specified period, the competent authorities may order a new period for compliance and impose additional administrative fines of not less than NT$480,000 and not more than NT$4,800,000 for each successive failure to comply until corrective action has been taken.For violations under the preceding two paragraphs, the individual person responsible for the act will be imposed with the above fines.