Regulatory Alerts2019-02-01
Added · Updated
Regulations Governing the Business of Negotiable Instruments Exchange and Clearance of Accounts among Banks
These Regulations, effective February 1, 2019, govern the establishment, operation, and supervision of clearinghouses for negotiable instruments exchange and account clearance among banks in the Republic of China (Taiwan). They mandate that clearinghouses be foundations approved by the Central Bank, require clearing entities to maintain deposit accounts for settlement, and impose strict rules on the collection and reporting of credit information regarding dishonored checks. The text also outlines procedures for handling insufficient balances, suspending clearing operations for serious violations, and establishing internal controls for personal data security.
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