Regulations Governing the Establishment and Administration of Foreign Currency Exchange Counters Article 5

(Application qualifications)The following industries which have demand for the exchange of foreign currencies with adequate security control mechanisms, may apply to Bank of Taiwan to establish a foreign currency exchange counter:1.Hotels and travel businesses, department stores, handicraft shops and local specialty stores, gold, silver and jewelry stores (generally called jewelry stores), watch and clock stores, chain convenience stores, pharmacies, train stations, temples, religious or charity organizations, self-managed marketplace organizations, museums, theme parks or art and culture centers; and2.Institutions and associations such as administrative offices of national scenic areas and tourist service centers providing services to foreign travelers or shops and stores located in major tourist sites in remote areas.The application for the establishment of a foreign currency exchange counter by an applicant in an industry other than the industries listed in the preceding paragraph shall be made to the Bank through Bank of Taiwan for special approval.The applicant from an industry listed in the preceding 2 paragraphs of this Article shall provide the police criminal record certificates of its responsible persons and persons with ultimate controlling interest over the applicant with no conviction record in Taiwan when applying for the establishment of a foreign currency exchange counter. In case the applicant's responsible persons and/or persons with ultimate controlling ownership interest are foreign, the abovementioned certificates may be substituted by comparable documents of their home countries depending on their nationalities.Once any of the registered items under the license of a foreign currency exchange counter has been changed, the foreign currency exchange counter shall make an application with supporting documents to the Bank of Taiwan for amendment within fifteen (15) business days upon change; provisions of the preceding apply mutatis mutandis when a foreign currency exchange counter changes its responsible persons or persons with ultimate controlling ownership interest.If the applicant fails to meet the requirements for the establishment application or any subsequent change and provide the necessary supporting documents, as stated in the preceding 4 paragraphs of this Article, the Bank or Bank of Taiwan may reject the application.The term "persons with ultimate controlling ownership interest" referred to in Paragraph 3 and Paragraph 4 hereof shall mean natural persons who own directly and/or indirectly more than 25 percent shares or capital of the business establishing the foreign currency exchange counter.