Regulations Governing the Banking Activity and the Establishment and the Investment by Financial Institution Between the Taiwan Area and the Mainland Area Article 59

A Mainland commercial bank or Mainland-funded bank shall, within six (6) months after receiving approval from the Competent Authority to establish a representative office, apply to the Ministry of Economic Affairs (“MOEA”) for permission in accordance with the Act, and submit a photocopy of the MOEA permission document and report the planned date of establishment and location of the representative office to the Competent Authority and MOEA for recordation before the date of establishment; otherwise the Competent Authority may annul the approval granted.A Mainland commercial bank or Mainland-funded bank shall promptly inform the Competent Authority and comply with the following provisions after it has established a representative office in Taiwan Area:1. If the representative office has a material contingent or fraud incident, the bank shall handle and report it according to the provisions set forth by the Competent Authority;2. The bank shall input all relevant information on the representative office into an information reporting system designated by the Competent Authority and update the information if changes occur;3. Before replacing its representative, the bank shall submit documents verifying that the newly appointed representative meets the qualification requirements set forth in Paragraph 2 of the preceding article to the Competent Authority for approval; and4. Before changing the address of the representative office or closing the representative office, the bank shall report to the Competent Authority for approval.