Regulations Governing Foreign Exchange Business of Banking Enterprises Article 8

(Application Qualifications and Procedures)Unless otherwise provided by these Regulations or other laws and regulations, banks and Agricultural Bank that apply for approval to become authorized banks shall comply with the following provisions:1.Maintain the ratio of regulatory capital to risk-weighted assets at a level in compliance with the requirements set forth by the competent authority;2.Deploy qualified professional foreign exchange personnel to conduct foreign exchange businesses; and3.Have not had any sanction or correction imposed by the Bank or the competent authority due to violation of financial regulations in the past year or during the period from the date of establishment as approved by the competent authority to the date of application, or have made concrete improvements recognized by the Bank or the competent authority if there has been any violation of financial regulations.