Regulations Governing Approval and Administration of Short-term Bills Clearing and Depository Organizations Article 4

Where the receivable or payable settlement accounts of participants of a short-term bills clearing and depository organization are in NTD, they shall apply to the Central Bank to process the transactions. However, where the participant is a securities firm that operatesbills finance businessesconcurrently, it shall select a bank to process the transactions.Where the receivable or payable settlement accounts of participants are denominatedin foreign currencies, the clearing and settlement shall be processed by foreign currency settlement institution and foreign currency clearing bank which areapproved by the competent authorityandtheCnetral Bank of China(CBC); where foreign exchange businesses are involved, they shall be processed in accordance with regulations of the CBC.