Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus

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Title：

Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus

Inactive Regulations

Announced Date： January 01, 1969

Amended Date： March 04, 2005

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Article 1

These Regulations are prescribed pursuant to Paragraph 2, Article 35 of the Central Bank of the Republic of China (Taiwan) Act.

Article 2

The Central Bank of the Republic of China (Taiwan) (hereinafter referred to the Bank) may delegate Bank of Taiwan to handle administrative affairs concerning the approval of the establishment of foreign currency exchange bureaus and withdrawal hereof.

Tourist hotels, travel agencies, department stores, convenience stores, administrative offices of national scenic areas, sightseeing services centers, railway stations, temples, museums, as well as other institutions and associations providing services to foreign travelers, or hotels and stores located in remote areas may apply to Bank of Taiwan for establishing foreign currency exchange bureaus if their business operations require foreign currency exchange.

Article 3

The license of a foreign currency exchange bureau shall be issued by Bank of Taiwan. The forms, statements, reports and other relevant formalities of such a bureau shall be governed by these Regulations as well as regulations set forth by Bank of Taiwan.

Other than the tourist hotels, each foreign currency exchange bureau shall hang combined Chinese and English identification signs at easily visible locations outside thedoor.

The above-captioned combined identification signs shall be designed by Bank of Taiwan.

Article 4

The exchange rates offered by a foreign currency exchange bureau shall be set with reference to the rates quoted by the authorized banks, and the NT$/US$ exchange rate shall be posted at the place of business.

Article 5

Foreign currencies accepted by a foreign currency exchange bureau shall be sold to an authorized bank according to Regulations Governing Declaration on foreign exchange receipts and disbursements or Transactions promulgated by the Bank.

Article 6

A foreign currency exchange bureau shall, before the fifteenth (15th) day of the month following the end of each quarter, submit a quarterly transaction report to Bank of Taiwan. Bank of Taiwan shall process the reports received and submit a summary report to the Department of Foreign Exchange of the Bank before the end of the month.

Article 7

Bank of Taiwan may revoke the license of a foreign currency exchange bureau in any of the following situations:

1.The foreign currency exchange bureau is in serious violation of these Regulations.

2.The foreign currency exchange bureau has not conducted any foreign currency exchange transaction for three successive years.

Article 8

These Regulations shall become effective on the date of promulgation.