Financial Technology Development and Innovative Experimentation Act Article 12

An applicant shall commence an approved innovative experimentation within three (3) months from the date of receiving the notice of approval decision made by the competent authority pursuant to Paragraph 1 of Article 8 herein.Should an applicant fail to commence the approved innovative experimentation within the prescribed period set out in the preceding paragraph, the approval granted by the competent authority shall no longer be valid, and the competent authority should notify the applicant of such decision in writing and disclose the date on which approval of the experimentation is invalidated and reasons therefor.An applicant shall notify the competent authority in writing the date on which the approved innovative experimentation commences within five (5) business days from the date of commencement.