Rules Governing the Business of Electronic Stored Value Card Issuers Article 11

“Full guarantee from a bank” referred to in Article 9 herein means that the issuer shall enter a full performance guarantee agreement with a bank where the bank assumes the guarantee responsibility for the balance of funds received by the issuer.An issuer shall complete the contract renewal or enter a new contract according to Article 9 herein at least one month before the expiration of the trust contract or the guarantee agreement, and report the same to the Competent Authority in writing.An issuer that fails to conform to the preceding paragraph is not allowed to issue new cards.An issuer shall appoint an accountant to conduct quarterly audit of the state of compliance with Article 9 herein, and submit the accountant’s audit report to the Competent Authority for reference in one (1) month after the end of each quarter.