The Act Governing Electronic Payment Institutions Article 36

Rules governing the business management and operating mode of specialized electronic payment institutions, user and contracted institution management, ways for users’ payment instructions, procedures for processing electronic payment accounts or stored value cards involving users’ suspiciously illegal or obviously irregular transactions, applications for permission to set up offshore branch institutions and their management, conditions for mandatory public issuance of stock, business outlets, outsourcing operations, restrictions on investment, approval and reporting of material financial, business, and operational matters, and other compliance matters shall be prescribed by the competent authority in consultation with the Central Bank.The guidelines for the qualification requirements for the responsible persons of specialized electronic payment institutions, restrictions on concurrent posts, training, and other compliance matters shall be prescribed by the competent authority.A person failing to meet the qualification requirements set forth in the guidelines prescribed in the preceding paragraph may not serve as a responsible person of a specialized electronic payment institution; where such person has taken the position, he/she shall be discharged.