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Order of Financial Supervisory Commission
Issue date: December 18, 2015
Ref. No.: Gin-Guan-Yin-Piao-Zi-10440005801
1.This Order is issued pursuant to Paragraph 3 and Paragraph 4, Article 18 of the Act Governing Issuance of Electronic Stored Value Cards (the “Act”).
2.The percentage of interest or other income to be set aside by a non-bank issuer pursuant to Paragraph 3, Article 18 of the Act shall not be less than 50%.
The term “interest or other income” referred to in Paragraph 3, Article 18 of the Act shall be the gross amount of interest or other income earned from utilization of funds received under Paragraph 1, Article 18 of the Act without deducting costs, necessary expenses and other losses.
3.The “use for other purposes prescribed by the competent authority” mentioned in Paragraph 3, Article 18 of the Act shall be limited to the following and shall not exceed 50% of interest or other income to be set aside:
(1) To pay for the cost of declaration of trust or obtaining guarantee of performance for funds received from electronic stored value cards issued as required by electronic stored value card regulations.
(2) To pay for the cost incurred in engaging a CPA to audit its financial report as required by electronic stored value card regulations.
(3) To make contribution or donation that may be treated as expenses or losses pursuant to Article 36 of the Income Tax Act.
4. This Order takes effect on the date of promulgation |