Financial Technology Development and Innovative Experimentation Act Article 9

The period of innovative experimentation approved by the competent authority shall be limited to one year. However, an applicant may, one month before the approved experimentation period ends, apply to the competent authority with reasons attached for approval of an extension; the extension shall be limited to once and no longer than six months. Notwithstanding the foregoing, when an innovative experimentation involves any law amendment, the extension of the experimentation period is not limited to once. However, the entire experimentation period shall not be longer than three (3) years.The competent authority shall make a decision on approving or rejecting the application under the preceding paragraph and notify the applicant of the decision in writing before the originally approved experimentation period ends.