Regulations Governing Foreign Exchange Brokers Article 4

A foreign exchange broker shall be organized as a company limited by shares established within the territory of the Republic of China (hereinafter referred to as the“domestic money broker) or a branch office established by an overseas money broker within the territory of the Republic of China (hereinafter referred to as the“overseas money broker”). The minimum registered capital or operation funds shall be not less than 100 million New Taiwan dollars.The aforesaid minimum registered capital or working capital shall be collected (prepared) in full prior to the commencement of business.