Regulations Governing the Approval Review Criteria and the Administration of the Issuing of International Electronic Stored Value Cards or Cooperating with a Foreign Institution in Issuing Electronic Stored Value Cards Article 8

Under any of the following situations, the Competent Authority may reject approval to an issuer that applies to issue international electronic stored value cards by itself or in cooperation with a foreign institution: 1. The issuer does not meet the requirements of paragraph 1, Article 3 or the foreign institution with which it will cooperate does not meet the requirements of paragraph 2 of the same article. 2. The protection of rights and interests of domestic cardholders when using the international electronic stored value cards overseas are less than when using electronic stored value cards domestically. 3. There exists any of the situations set forth in subparagraphs 2 to 5, Article 8 of the Act. 4. There exists any other fact indicating a likelihood that sound operation is impeded. In addition to under the situations above, the Competent Authority also may reject approval to a bank that applies to issue international electronic stored value cards by itself or in cooperation with a foreign institution if it fails to meet any requirement of Article 4.